Sudesh Dhanraj Murpana (HUF) Vs. Income Tax Officer – 23(3) (1)

Parties Involved

Facts Summary

The assessee, Sudesh Dhanraj Murpana (HUF), filed its return of income on 13.03.2014, reporting total income at Rs. 6,04,020/-. Information was received by the Assessing Officer from the Insight portal that the assessee had sold shares in the alleged penny stock scrip i.e. ACI Infocom Ltd. listed on BSE, which has been used to facilitate the introduction of unaccounted income of members of beneficiaries. According to this information, the assessee had sold shares of the said scrip for Rs. 64,37,924/- and claimed exemption of Rs. 53,27,727/- for the gains earned by it on the said transaction. After taking into consideration the submissions made by the assessee, the Assessing Officer completed the reassessment holding the amount of Rs. 53,27,727/-, which was claimed as exempt under section 10(38) of the Act, as unexplained, under section 68 of the Act. Notice under section 148 was issued on 20.07.2022.…

Legal Issues

• 1. Reopening of Assessment u/s 147 is Time Barred
• 2. No Tangible 'Material/Information' suggests Income has Escaped Assessment
• 3. Addition of Rs. 53,27,727/- u/s 68 as unexplained cash credits
• 4. Ld. CIT(A) erred in not adjudicating the grounds of appeal on merits

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• BHARAT GUPTA vs. ITO, WARD-72(4)

  DELHI BENCH ‘A’ : NEW DELHI benchAY 2011-12Allowed

• Rajkumari Dhanuka

  Kolkata Bench benchAY 2012-2013Partly Allowed

• Virasat Buildcon Pvt. Ltd. Vs Assessment Unit, Income Tax Department

• Hindustan Construction Company Limited Vs. Dy Commissioner of Income Tax

  Mumbai benchAY 2012-13Allowed

• NIKITA KAPOOR Vs ITO, NFAC, DELHI / ITO, WARD 54(1), NEW DELHI

• Krutik Ashokkumar Parikh-HUF vs. Income Tax Officer, Ward-1(2)(2), Ahmedabad

  Ahmedabad bench