Smt. Neelima Kothari vs. Income Tax Officer, Delhi

Parties Involved

Facts Summary

The assessee, Smt. Neelima Kothari, filed her return of income declaring income of Rs.4,24,440/-. She claimed exemption under section 10(38) of the Act for Long Term Capital Gain from the sale of equity shares of M/s. Goenka Business & Finance Ltd. The case was processed under section 143(1)(a) of the Act. Subsequently, a notice under section 148 of the Act was issued on 16.04.2021, and the assessee filed her return on 07.12.2021. The Assessing Officer issued a fresh notice under section 148A(b) of the Act dated 24.05.2022. The reassessment proceedings were carried out, and the Assessing Officer framed the assessment under section 147 r.w.section 144B of the Act dated 24.05.2023, treating the Long Term Capital Gain claimed by the assessee as bogus and making an addition under section 68 of the Act at Rs.24,46,824/-. The assessee preferred an appeal before the CIT(A) raising various legal issues and grounds on merit but failed to succeed.…

Legal Issues

• 1. Opportunity of being heard
• 2. Proceedings of reassessment barred by time
• 3. Validity of approval of Notice under section 148 of the Act
• 4. Validity of Information for issuance of notice under section 148
• 5. Long term capital gain
• 6. Burden to prove

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

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