Uppada Kesavajanardhana Rao v. Asst. CIT

Parties Involved

Facts Summary

The assessee, Uppada Kesavajanardhana Rao, a non-resident individual, filed a belated return of income for the Assessment Year 2016-17 on 20.03.2019, reporting short-term capital gains of Rs. 99,76,950/- and paying taxes of Rs. 49,83,790/- including interest of Rs. 20,81,160/-. The Assessing Officer initiated proceedings under section 147 and issued a notice under section 148 on 30.03.2021. The assessee did not comply with the notices, leading to the completion of the assessment under section 144 r.w.s 147 on 11.05.2022. The Assessing Officer found that the return was filed beyond the limit and that the assessee had suppressed short-term capital gains to the extent of Rs. 83,95,037/-. The assessee filed an appeal against the assessment order, which was partly allowed by the Commissioner of Income Tax (Appeals). The assessee further appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the orders passed under section 144 r.w.s 147 of the IT Act are valid in the eyes of law.
• 2. Whether the notice issued under section 148 of the IT Act was valid.
• 3. Whether the assessment order was issued within the time limit prescribed under section 144C of the IT Act.
• 4. Whether the Assessing Officer correctly computed the short-term capital gains.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Sarita Goenka vs. Income Tax Officer

  SMC Bench, Kolkata benchAY 2014-15Allowed

• iShares Core MSCI Emerging Markets ETF v. Deputy Commissioner of Income Tax

  Mumbai Bench benchAY 2022-23, 2023-24Partly Allowed

• Dipankar Dutta

  Kolkata Bench benchAY 2016-2017Partly Allowed

• Mrs. Nirmalaben Popatlal Shah v/s ITO, 19(2)(4), Mumbai

  Mumbai bench

• Pramod Kumar Dubey vs. Income Tax Officer

  Agra bench

• Naraindas Essardas and Sons (HK) Limited vs. ACIT(IT)

  Mumbai bench