Sandip Chhaganlal Ambalia vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, Sandip Chhaganlal Ambalia, filed an appeal against the order passed by the Commissioner of Income Tax (Appeals) under section 250 of the Income-tax Act, 1962. The appeal was filed against the reassessment proceedings initiated under section 148 and the consequential assessment completed under section 147 read with section 144B of the Act. The assessee challenged the addition of Rs.26,910/- under section 69C of the Act and Rs.13,45,500/- under section 68 of the Act. The assessee submitted that the notice issued under section 143(2) was not in the prescribed format and that the addition made under sections 69C and 68 of the Act was without considering the entire set of facts.…

Legal Issues

• 1. Validity of reassessment proceedings
• 2. Addition of Rs.26,910/- u/s 69C of the Act
• 3. Addition of Rs.13,45,500/- u/s 68 of the Act

Judgment Outcome

Decided in favour of Assessee.

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