Shanmugasundaram Narayanan v. Income Tax Officer

Parties Involved

Facts Summary

The assessee, Shanmugasundaram Narayanan, filed his return of income for the assessment year 2016-17 on 30.03.2018, declaring a total income of Rs.2,50,000/-. However, it was discovered that the assessee had made investments amounting to Rs.38,10,000/- in shares of M/s. Social Restaurants Private Ltd., which was not shown in the return of income. After considering the information received from the Assessing Officer, the case was reopened under section 147 of the Act and statutory notices were issued to the assessee for reassessment. Since the assessee did not comply with the statutory notices, the Assessing Officer invoked section 69 of the Act and treated the said investments as unexplained and brought to tax. Aggrieved by the order of the Assessing Officer, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals).…

Legal Issues

• 1. Whether the addition made by the Assessing Officer was justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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