RASHMI JAIN,KOLKATA vs. D.C.I.T., CIRCLE - 43, KOLKATA

ITA 545/KOL/2026Status: HeardITAT Kolkata16 September 2026AY 2013-20146 pages
AI SummaryAllowed

What did the Tribunal hold?

The tribunal held that the reopening of assessment was based on borrowed satisfaction and incorrect facts, as the assessee had not claimed exempt income as stated by the AO. The AO also incorrectly noted that no assessment was framed under section 143(3) when it was.

What were the facts?

The assessee's appeal was delayed by 104 days, which the tribunal condoned. The Assessing Officer (AO) reopened the assessment based on alleged Long-Term Capital Gains (LTCG) from specific shares, treating part of it as bogus.

What were the issues?

Whether the reopening of assessment under Section 147 was valid when based on borrowed satisfaction and incorrect facts? Whether the AO correctly identified escaped income for reopening?

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 143(2),Section 142(1),Section 68,Section 143(3),Section 144

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH, KOLKATA

For Appellant: Shri Siddharth Kejriwal, AR
For Respondent: Shri Priyanka Dhar, DR
Hearing: 24.08.2026Pronounced: 16.09.2026

Per Rajesh Kumar, AM:

This is an appeal preferred by the assessee against the order of the National Faceless Appeal Centre, Delhi (hereinafter referred to as the “Ld. CIT(A)”] dated 07.08.2025 for the AY 2013-14. 2. At the outset, we note that the appeal of the assessee is barred by limitation by 104 days. At the time of hearing the counsel of the assessee explained the reasons for delay in filing the appeal. The Ld. D.R did not raise any objection in condoning the delay. After hearing the rival contentions and Rashmi Jain; A.Y. 2013-14

perusing the materials available on record, we find that the delay is for bonafide and genuine reasons and hence, we condone the delay and admit the appeal for adjudication.

The order continues below.

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