Sanjay Veljibhai Sojitra vs. ITO Wd 3(1)(4), Rajkot-Amreli

Parties Involved

Facts Summary

The assessee, Sanjay Veljibhai Sojitra, filed an income return for the Assessment Year 2018-19 declaring a total income of Rs.4,99,590/-. The assessment was reopened based on information from a search and seizure action against the Kushal Group, Ahmedabad. It was alleged that the Kushal Group was engaged in providing accommodation entries in the form of bogus Long-Term Capital Gain (LTCG), Long-Term Capital Loss (LTCL), Short-Term Capital Gain (STCG) and Short-Term Capital Loss (STCL). The assessee was alleged to be one of the beneficiaries of such accommodation entries involving LTCG amounting to Rs.19,67,713/-, which had allegedly escaped assessment. The Principal Commissioner of Income Tax (PCIT) set aside the assessment order passed by the Assessing Officer, directing a fresh assessment order. The assessee appealed against this order to the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Whether the Principal Commissioner of Income Tax had the jurisdiction to set aside the assessment order under section 263 of the Income-tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

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