DILIP NAMDEO KOLEKAR,UMARKHED vs. INCOME TAX OFFICER WARD 1 YAVATMAL, YAVATMAL
What did the Tribunal hold?
The Tribunal set aside the impugned order and directed the Assessing Officer to frame the assessment denovo. The assessee was given an opportunity to demonstrate the details of credits in the bank account to the satisfaction of the AO.
What were the facts?
The assessee, a wholesale bullion and gold ornament trader, did not file a regular return of income for AY 2017-18. Based on cash deposits in a bank, the AO initiated reassessment proceedings and made an addition of Rs. 23,15,010/- on account of estimated profit.
What were the issues?
The primary issues were the validity of reassessment proceedings initiated under Section 148 and the justification of the addition made on account of estimated profit.
Which sections of the Income-tax Act were involved?
Section 147,Section 144,Section 148,Section 250,Section 234A,Section 234B
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, SMC BENCH,
Before: Dr. MANISH BORAD
PER DR. MANISH BORAD, AM :
This appeal at the instance of assessee is directed against the order passed by Ld. CIT(A), NFAC, Delhi u/s 250 of the Income-tax Act, 1961 dated 22.04.2026 which is arising out of the Assessment Order passed u/s. 147 r.w.s 144 of the IT Act dated 23.03.2022. 2
Assessee has raised following grounds of appeal:-
1) Based on the facts and circumstances of the case, assessment proceedings initiated u/s 148 of the 1.T.Act 1961 is ab-initio bad in the eyes of law and needs to be set aside.
2) Based on the facts and circumstances of the case, addition of Rs. 23,15,010/- on account of estimated profit is arb
The order continues below.
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- Neo Incorporation, Rajkot vs DCIT Circle- 1(2), RajkotITA 471/RJT/2026[2012-2013]Status: Disposed21 Oct 2026AY 2012-2013
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