Saroj Gupta Vs. ITO, NFAC

Parties Involved

Facts Summary

The assessee, Saroj Gupta, had sold an immovable property during the assessment year 2011-12 and deposited the money in a Capital Gain Deposit Scheme, claiming exemption. The Assessing Officer (AO) initiated proceedings under section 147 of the Income-tax Act, 1961, based on information received from the Income Tax Officer-2, Dewas. The assessee filed a return declaring a total income of Rs. 56,55,810/- on 06.12.2019. The AO assessed the total income at Rs. 56,55,810/- and imposed a penalty of Rs. 11,33,000/- under section 271(1)(c) for concealment of income. The assessee filed an appeal against the penalty order, which was dismissed by the Commissioner of Income-tax (Appeals). The assessee then filed a further appeal before the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Whether the show-cause notice issued by the AO was specific enough to initiate penalty proceedings?
• 2. Whether the AO correctly recorded that the assessee did not file the original return for AY 2014-15?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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