NATHAN ANIL RAO, MUMBAI vs. THE ITO -CIRCLE 23(1), MUMBAI

ITA 8666/MUM/2025Status: DisposedITAT Mumbai13 March 2026AY 2017-18Bench: SHRI OM PRAKASH KANT (ACCOUNT MEMBER), MS. KAVITHA RAJAGOPAL ( (Judicial Member)1 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the assessee was prevented by sufficient cause from producing documents before the lower authorities. The order of the lower authorities was set aside and the matter was restored to the Assessing Officer for adjudication.

What were the facts?

The assessee sold shares of a company for a consideration. The Assessing Officer made an addition under Section 68/69 of the Income Tax Act on account of unexplained share premium. The assessee contended that the sale consideration was offered to tax as capital gains, leading to double taxation.

What were the issues?

Whether the addition under Section 68/69 was justified without considering the assessee's claim of capital gains and whether the lower appellate authority erred in passing an ex-parte order without granting an opportunity of being heard.

Which sections of the Income-tax Act were involved?

Section 68,Section 69,Section 143(2),Section 133(6),Section 234B,Section 234C,Section 234D,Section 270A,Section 271AAC

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “B ” MUMBAI

Before: SHRI OM PRAKASH KANT (ACCOUNT MEMBER) & MS. KAVITHA RAJAGOPAL

For Appellant: Shri Vijaykumar Soni, CIT DR
Hearing: 19/02/2026Pronounced: 13/03/2026

PER OM PRAKASH KANT, AM

This appeal by the assessee is directed against order dated 22nd October, 2025 passed by the Ld. Commissioner of Income Tax (Appeals) – National Faceless Appeal Centre, Delhi [in short, “the Ld. CIT(A)] for assessment year 2017-18 raising following grounds:

2 Nathan Anil Rao “General ground 1. erred in assessing the Total Income of the Appellant at Rs. 16,07,69,040/ assessing the Total Income of the Appellant at Rs. 16,07,69,040/ assessing the Total Income of the Appellant at Rs. 16,07,69,040/- as against the returned income of Rs.4,01,94,310/ as against the returned income of Rs.4,01,94,3

The order continues below.

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