Pareshkumar Patil vs. ITO

Parties Involved

Facts Summary

The assessee, Pareshkumar Patil, filed a return of income declaring a total income of Rs. 5,26,570/- for the assessment year 2015-16. The tax authorities received information about the sale of immovable property by the assessee and others, prompting the reopening of the case. Despite multiple notices, the assessee failed to submit a return of income disclosing the proceeds of the property. The Assessing Officer observed that the assessee received a total sale consideration of Rs. 34,77,000/- from the sale of property and made an investment of Rs. 19,50,000/- in the purchase of immovable property. In the absence of any documentation from the assessee, the sale consideration was added to the total income of the assessee as capital gains, while the investment was deemed unexplained and similarly added to the total income of the assessee by the Assessing Officer. The assessee appealed against the order passed by the Commissioner of Income Tax(Appeals), National Faceless Appeal Centre, Delhi.…

Legal Issues

• 1. The CIT(A) erred in law and in facts of the case in passing exparte order u/s 250 of the Act.
• 2. The CIT(A) erred in law and in the facts of the case in confirming the order of the AO in making addition of Rs. 34,77,000/- being unaccounted capital gains upon sale of immovable property.
• 3. The CIT(A) erred in law and in the facts of the case in confirming the order of the AO in making addition of Rs. 19,50,000/- being investment in immovable property u/s 69C of the act.

Judgment Outcome

Decided in favour of Assessee.

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