ANKIT GUPTA,PUNJABI BAGH vs. JURISDICTIONAL ASSESSING OFFICER, WARD 44(6) , CIVIC CENTRE,NEW DELHI

ITA 5310/DEL/2024Status: DisposedITAT Delhi23 July 2025AY 2015-16Bench: SHRI CHALLA NAGENDRA PRASAD (Judicial Member), SHRI M BALAGANESH (Accountant Member)12 pages
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What did the Tribunal hold?

The Tribunal held that the reassessment notice issued u/s 148 dated 18.06.2021 for AY 2015-16 is barred by limitation, as per recent Supreme Court decisions regarding the applicability of TOLA. Consequently, the reassessment order is bad in law and void ab initio.

What were the facts?

The assessee filed an appeal against the CIT(Appeals)'s order sustaining an addition made by the AO. The AO made an addition of Rs. 72,63,188 under Section 69A of the Income Tax Act, alleging fictitious LTCG exemption. The assessee contended that the reassessment notice was issued after the period of limitation and that proper opportunity was not given.

What were the issues?

Whether the reassessment proceedings initiated by issuing notice u/s 148 on 18.06.2021 for AY 2015-16 are barred by limitation in light of subsequent legal pronouncements and TOLA provisions.

Which sections of the Income-tax Act were involved?

Section 69A,Section 10(38),Section 147,Section 144B,Section 153C,Section 148,Section 148A,Section 153(6),Section 156,Section 157A,Section 271(1)(c)

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Income Tax Appellate Tribunal, DELHI BENCH “A” NEW DELHI

Before: SHRI CHALLA NAGENDRA PRASAD & SHRI M BALAGANESH

For Appellant: Shri Ravi Pratap Mall, Adv
For Respondent: Shri Ajay Kumar Arora, Sr. DR
Hearing: 04.06.2025

PER C.N. PRASAD, J.M.

This appeal is filed by the Assessee against the order of the Ld. CIT(Appeals), Delhi dated 28.07.2022 for the AY 2015-16 in sustaining the addition made in the assessment order.

2.

The assessee in his appeal raised the following ground: -

1.

“That, the Appellant craves leave to add, amend, alter and/or delete any of the above grounds of appeal at or before the time of hearing.

2.

That in view of facts and circumstances of the case and in law, the Ld. AO erred in making an addition

1 of Rs.72,63,188/- u/s 69A of the Income Tax Act, 1961 ag

The order continues below.

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