SACHIN DINESH MEHTA,MUMBAI vs. DY COMMISIONER OF INCOME TAX, MUMBAI

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ITA 6542/MUM/2025Status: DisposedITAT Mumbai10 August 2026AY 2014-159 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the addition of ₹26,70,491/- was not warranted as these transactions were already disclosed and settled under the Vivad Se Vishwas Scheme. For the remaining ₹33,90,400/-, the Tribunal accepted the assessee's contention that it was due to a broker's error and not attributable to the assessee, deleting the addition.

What were the facts?

The Assessing Officer made an addition of ₹60,60,891/- under Section 69 of the Income Tax Act, 1961, alleging fictitious NSEL transactions. The assessee contended that part of the transactions belonged to another entity due to a broker's error, and the remaining disclosed transactions were already accounted for.

What were the issues?

Whether reassessment proceedings were validly initiated and if the addition made under Section 69 for alleged fictitious NSEL transactions was justified, considering the evidence of broker error and prior settlement.

Which sections of the Income-tax Act were involved?

Section 69,Section 147,Section 144B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, G” BENCH, MUMBAI

आदेशकी�ितिलिपअ�ेिषत/Copy of the Order forwarded to : 1. अपीलाथ�/ The Appellant 2. ��थ�/ The Respondent. 3. आयकरआयु�/ The CIT 4. �धान आयकर आयु�/ Pr.CIT 5. िवभागीय�ितिनिध,आयकरअपीलीयअिधकरण,मुंबई/ DR, ITAT, Mumbai 6. गाड�फाईल / Guard file.

आदेशानुसार/ BY ORDER, स�ािपत�ित //True Copy// उप/सहायकपंजीकार /(Dy./Asstt. Registrar) आयकरअपीलीयअिधकरण,मुंबई / ITAT, Mumbai

ITA No.6542/Mum/2025 Assessment Year 2014-2015

Sr. No. Details Date Initials Designation 1 Typed/Dictated directly on PC Sr.PS/PS 2 Draft Placed before author Sr.PS/PS 3 Draft proposed & placed before JM/AM the Second Member 4 Draft discussed/approved by JM/AM Second Member 5 Approved Draft comes to the Sr.PS/PS Sr.PS/PS 6 Order pronouncement on Sr.PS/PS 7 File sent to the Bench Clerk Sr.PS/PS 8 Date on which the file goes to the Head clerk 9 Date on which file goes to the AR 10 Date of Dispatch of order

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