SHANKAR MALLAYYA VASAL,MUMBAI vs. ITO22(3)(6), MUMBAI

ITA 3837/MUM/2026Status: DisposedITAT Mumbai15 September 2026AY 2016-179 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the documents furnished by the assessee regarding the source of investment through finance from ECL Finance Limited were plausible and required proper examination. Therefore, the matter was restored to the Assessing Officer.

What were the facts?

The Assessing Officer reopened the assessment of the assessee for AY 2016-2017 based on information regarding investments in bonds, debentures, and IPOs, and sale of securities, without the assessee filing a return. The assessee failed to comply with notices, leading to additions under Section 69 and for short-term capital gains.

What were the issues?

Whether the additions made by the AO for unexplained investment and short-term capital gains were justified, and whether the reassessment proceedings were valid despite the assessee's non-compliance.

Which sections of the Income-tax Act were involved?

Section 147,Section 144,Section 148,Section 69,Section 47,Section 234A,Section 234B,Section 234F,Section 271(1)(c),Section 271(1)(b),Section 271F

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “G”, MUMBAI

Before: SHRI NARENDER KUMAR CHOUDHRY & SHRI RAKESH KUMAR LODHA

For Appellant: Shri Ravi Kant Pathak, CA
For Respondent: Shri Rajagopal
Hearing: 13.08.2026Pronounced: 15.09.2026

PER : Shri Rakesh Kumar Lodha, Accountant Member:

This appeal has been filed by the Assessee against the order under section 250 of the Income-tax Act, 1961, dated 08.01.2026 arising out

ITA NO.3837-M-2026 SHANKAR MALLAYYA VASAL AY 2016-2017

of the assessment order passed under section 147 read with section 144

of the Income Tax Act, 1961 dated 29th February, 2024. 2. The assessee has raised the following grounds of appeal: 1.The Hon’ble Commissioner of Income Tax (Appeals), National Faceless Appeal Centre [CIT(A)] erred in confirming the action of AO in iss

The order continues below.

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