Radheshyam S. Gupta vs. Income-tax Officer

Parties Involved

Facts Summary

The assessee did not file regular returns of income for the year under consideration. The Assessing Officer issued a notice under section 148 of the Income-tax Act, 1961 on 27.03.2018 due to information of sale of immovable property and credit card payments. The assessee did not comply with the notices, leading to an assessment order on 29.12.2018. The Commissioner of Income-tax (Appeals) upheld the order, which the assessee appealed against. The assessee cited reasons such as being in judicial custody, office premises being sealed, facing threats from creditors, and the death of his Chartered Accountant for non-compliance with the notices.…

Legal Issues

• 1. Whether the Commissioner of Income-tax (Appeals) erred in passing the order ex-parte without considering the reasonable cause and compelling circumstances that precluded the appellant from participating in the appeal proceedings.
• 2. Whether the Commissioner of Income-tax (Appeals) erred in confirming the addition of Short term capital gain of Rs.2,44,11,067/- on the alleged transfer of lands, though the transaction did not materialize and was terminated during the impugned year itself.
• 3. Whether the Commissioner of Income-tax (Appeals) ought to have considered the understated vital facts before confirming the addition of Short term capital gain.
• 4. Whether the Commissioner of Income-tax (Appeals) ought to have allowed the deduction of the cost of acquisition of the property.
• 5. Whether the Commissioner of Income-tax (Appeals) ought to have directed the Assessing Officer to refer the valuation matter to the Deputy Valuation Officer under section 50C(2) to determine the fair market value of the property.

Judgment Outcome

Decided in favour of Assessee.

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