Shailesh Sundar Bhoir Vs. Commissioner of Income Tax

Parties Involved

Facts Summary

The assessee, Shailesh Sundar Bhoir, filed his income return for the assessment year 2020-21 on 31.03.2021, declaring a total income of Rs. 3,64,100/-. A notice under section 143(2) of the Income Tax Act, 1961 was issued on 29.06.2021. Subsequently, a detailed questionnaire under section 142(1) was issued on 16.11.2021, but the assessee did not respond. The assessee submitted a computation of total income and a sale deed on 02.02.2022, leading to show cause letters issued on 11.02.2022. The assessee claimed to have purchased an immovable property for Rs. 22,50,000/- but the stamp value was Rs. 89,30,400/-. Another show cause notice was issued on 19.08.2022, but the assessee did not respond. Consequently, the Assessing Officer proceeded ex-parte and computed the total assessment income at Rs. 61,92,600/- and initiated penalty proceedings. The assessee appealed to the Commissioner of Income Tax (Appeals) who dismissed the appeal on the ground that the assessee failed to make submissions during the appeal proceedings. The assessee further appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the Assessing Officer considered the provisions of section 2(14) and explanation (d) to section 56(2) clause (vii) while applying section 56(2)(x).
• 2. Whether the transaction of purchase of Agricultural Land by the Appellant and his real brother in equal proportions is out of the purview of section 56 clause (2) sub clause (x)(b)(B).
• 3. Whether the Commissioner of Income Tax (Appeals) considered the appeal read with the supporting documents.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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