Susanta Mallick vs. DCIT, Circle 11(1), Kolkata

Parties Involved

Facts Summary

The assessee, Susanta Mallick, filed a return declaring total income of Rs. 18.31 lakhs for the assessment year 2015-2016 and claimed exemption under section 10(38) on long-term capital gains (LTCG) amounting to Rs. 68.64 lakhs. Upon enquiry, the Assessing Officer (AO) found the LTCG claim to be bogus and issued a notice under section 148. The reassessment concluded with a total income of Rs. 90.39 lakhs, including an addition of Rs. 68.64 lakhs for the bogus LTCG claim and Rs. 3.43 lakhs as alleged commission paid to brokers. The first appellate authority dismissed the appeal without adjudicating on the merits. The assessee approached the tribunal claiming lack of proper hearing and submission of relevant documents.…

Legal Issues

• 1. Whether the delay in filing the appeal should be condoned.
• 2. Whether the first appellate authority erred in dismissing the appeal without proper adjudication.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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