Question 1

What are the key legal issues in Santosh Mahendra Jain vs. Income Tax Officer?

Accepted Answer

1. Jurisdiction of the Assessing Officer 2. Reassessment proceedings initiated by the Assessing Officer

Question 2

What are the facts of Santosh Mahendra Jain vs. Income Tax Officer?

Accepted Answer

The assessee, Santosh Mahendra Jain, did not file a return of income for the year under consideration. The case was reopened based on information that the assessee had purchased an immovable property worth Rs.1,65,00,000/- and earned interest income of Rs.9,357/- from Dhanalaxmi Bank. A show cause notice under section 148A(b) was issued on 13/02/2023, to which no reply was filed. Subsequently, an order under section 148A(d) was passed on 24/03/2023 and a notice under section 148 was issued on the same date. The assessee did not file a return of income in response. Notices under section 142(1) were also issued. The Assessing Officer treated the amount of Rs.1,65,00,000/- paid towards the purchase of the immovable property as unexplained investment under section 69 of the Act and the interest income of Rs.9,357/- as undisclosed income. The assessment was completed under sections 147 r.w.s. 144 and 144B of the Act, determining the total income of the assessee at Rs.1,65,09,357/-. The assessee preferred an appeal before the Commissioner of Income Tax (Appeals). The appeal was dismissed by the Commissioner of Income Tax (Appeals) on 26/11/2024. The assessee is now in appeal before the Income Tax Appellate Tribunal.

Santosh Mahendra Jain vs. Income Tax Officer

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