VIKRAM SHARMA,NEW DELHI vs. ITO WARD-28(5), DELHI
Income Tax Appellate Tribunal, DELHI BENCH ‘SMC’, NEW DELHI
Before: Sh. Satbeer Singh Godara
This assessee’s appeal for Assessment Year 2010-11, arises against the Addl./JCIT(A)-1, Vadodara’s DIN & order No.
ITBA/APL/S/250/2024-25/1071957173(1) dated 07.01.2025, in proceedings u/s 144 of the Income Tax Act, 1961 (in short “the Act”).
Heard both the parties at length. Case file perused.
It transpires during the course of hearing that there arises the first and foremost legal issue of validity of the impugned reopening itself as the learned assessing authority had set into motion section 148/147 proceedings against the assessee regarding the sole reason of transaction of Rs.117,22,10,618/- on the commodity exchange whereas his first round assessment framed on 27.11.2017 ended up adding income of Vikram Sharma
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Rs.8,13,567/- in question. It is thus clear that the learned assessing authority has nowhere made any addition qua the above sole reason of reopening.
That being the clinching case, I hereby quote Ranbaxy 5. This assessee’s appeal is allowed. Order Pronounced in the Open Court on 25/06/2025. (Satbeer Singh Godara)
Judicial Member
Dated: 25/06/2025
*Subodh Kumar, Sr. PS*