VIRARAM DEVASI,PUNE vs. ITO WAR-7(3) PUNE, PUNE

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ITA 268/PUN/2025Status: DisposedITAT Pune04 May 2026AY 2012-134 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal set aside the CIT(A)'s order and remitted the disputed issues back to the CIT(A) for fresh adjudication. The assessee is granted one more opportunity to substantiate their case with evidence and information.

What were the facts?

The assessee, proprietor of M/s Lotus Corporation, engaged in financial transactions with M/s Delight Diam Pvt. Ltd., was found to be a beneficiary of accommodation entries. The assessee failed to file a return for AY 2012-13, leading to reassessment proceedings.

What were the issues?

The key issues were the validity of reassessment proceedings and the justification for the addition of estimated net profit made by the Assessing Officer.

Which sections of the Income-tax Act were involved?

Section 148,Section 142(1),Section 131,Section 144,Section 147,Section 250

AI-generated summary — verify with the full judgment below

Before: DR.MANISH BORAD & SHRI PAVAN KUMAR GADALE

For Respondent: Shri Vinod Pawar- Addl
Hearing: 28.04.2026Pronounced: 04.05.2026

आदेशकीप्र्ल्पअगे्े र/ Copy of the Order forwarded to : अपीलार्/ The Appellant. 1. प्यर्/ The Respondent. 2. 3. The Pr. CIT concerned. 4. िभागीयप्र्न्ि, आयकरअपीलीयअ्िकरण, “B” बें, पुणे/ DR, ITAT, “B” Bench, Pune. गार्फ़ाइल/ Guard File. 6. //True Copy//

आदेशानुसार/ BY ORDER,

Assistant Registrar, आयकरअपीलीयअ्िकरण, पुणे/ ITAT, Pune.

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