Taiki Hayashi vs. ACIT

Parties Involved

Facts Summary

The appellant/assessee filed its Income Tax Return (ITR) on 30.07.2017 declaring income of Rs.72,39,830/-. The case was picked up for scrutiny, under CASS, on the reasoning that there was a large balance in foreign bank accounts. The Assessing Officer (AO) issued various notices calling for explanation for the credits appearing in three Foreign Bank Accounts of the appellant/assessee, which were never complied with. Therefore, the AO completed the assessment ex-parte treating the aggregate peak credit of Rs.1,20,94,342/- of these foreign bank accounts as unexplained and taxed the same under section 69A of the Income Tax Act, 1961 (hereinafter, the ‘Act’). Aggrieved, the assessee filed appeal before the Commissioner of Income Tax (Appeals) (CIT(A)), who dismissed it due to non-prosecution.…

Legal Issues

• 1. The CIT(A) dismissed the appeal ex parte due to non-prosecution.
• 2. The CIT(A) did not adjudicate the case on merits.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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