Sunil Ghanshyamdas Khandelwal Vs DCIT, Circle 42(1)(1)

Parties Involved

Facts Summary

The present appeal has been filed by the assessee, Sunil Ghanshyamdas Khandelwal, challenging the order dated 12.08.2024 passed by the National Faceless Appeal Centre, Delhi (NFAC) / CIT(A) for the Assessment Year 2018-19. The Assessing Officer had made an addition of Rs 10,06,30,085/- under section 69C read with section 115BBE of the Income Tax Act, 1961, which was upheld by the CIT(A). The assessee argued that the addition was erroneous as it was based on incorrect figures of capital in the return. The assessee provided a revised statement of assets and liabilities and claimed that the increase in capital was only Rs 50,05,366/-, supported by disclosed income for the year. The CIT(A) rejected the assessee's claim primarily on the grounds that the revised balance sheet was filed after a lapse of two years.…

Legal Issues

• 1. Whether the Ld. Commissioner of Income Tax (Appeals) erred in not quashing the assessment order passed by the Assessing Officer.
• 2. Whether the Ld. Commissioner of Income Tax (Appeals) erred in confirming the alleged additions made by the Assessing Officer.
• 3. Whether the Ld. Commissioner of Income Tax (Appeals) erred in adhering to incorrect figures of capital.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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