Shashank Rathi vs. ITO

Parties Involved

Facts Summary

The assessee, Shashank Rathi, a non-resident individual, had not filed his return of income for the Assessment Year 2015-16. His case was reopened under section 148 of the Income Tax Act based on undisclosed purchase of an immovable property. The assessee filed his return on 19.08.2022, declaring total income at Rs.19,15,010/-. The Assessing Officer passed a draft assessment order on 24.05.2023 proposing an addition of Rs.3,98,62,195/- as 'unexplained investment' under section 69 of the Act. The Dispute Resolution Panel directed the Assessing Officer to make an addition of Rs.28,22,380/- as 'unexplained investment'. The assessee filed an appeal challenging the addition. The Tribunal allowed the appeal and directed the Assessing Officer to delete the addition.…

Legal Issues

• 1. Whether the order of the Dispute Resolution Panel and consequently the order of the Assessing Officer is without jurisdiction, contrary to law, facts and circumstances of the case to the extent prejudicial to the interests of the appellant and at any rate is opposed to the principles of equity, natural justice and fair play?
• 2. Whether the Dispute Resolution Panel and consequently the Assessing Officer erred in adding a sum of Rs.28,22,380/- u/s.69 of the Income Tax Act as unexplained investment of the appellant?

Judgment Outcome

Decided in favour of Assessee.

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