MANISH SHRIVASTAVA,REWA vs. INCOME TAX OFFICER-1 , REWA

ITA 140/JAB/2024Status: DisposedITAT Jabalpur30 June 2026AY 2014-158 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the AO erred in not considering the jurisdictional High Court's judgment, which supported adopting a net profit rate on undisclosed sales, rather than adding the entire amount. The rejection of the rectification application was therefore incorrect.

What were the facts?

The assessee's assessment was reopened under Section 147, leading to an addition of Rs. 20,20,337/- based on a difference between Form 26AS and disclosed receipts. The assessee's subsequent rectification application under Section 154 was rejected by the AO and upheld by the CIT(A).

What were the issues?

Whether the CIT(A) was justified in rejecting the assessee's appeal against the rejection of a rectification application, and whether the AO erred in not considering the jurisdictional High Court's precedent regarding additions on account of undisclosed receipts.

Which sections of the Income-tax Act were involved?

Section 147,Section 143(3),Section 154

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JABALPUR BENCH “SMC”, JABALPUR

Before: SHRI KUL BHARAT

For Appellant: Shri Apoorva Saxena, Advocate, Shri Ajay Kr. Saxena, Advocate
For Respondent: Shri N. M. Prasad, Sr. DR-1

PER KUL BHARAT, VICE PRESIDENT.:

This appeal, by the assessee, is directed against the order of the Learned Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC) dated 11.07.2024 pertaining to the assessment year 2014-15. The assessee has raised the following grounds of appeal: -

“The learned CIT(A) is not justified in - Denying the justice by not adjudicating the matter under grounds of appeal (addition o whole underreported receipt is not correct on the ground of rulings of Juri ictional High Court) on technical ground, while the appellant by applying the rectification u/s 154 only exhausted the remedy available because Non Consideration o

The order continues below.

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