ROHIT PRAKASHCHANDRA SHAH,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-1(2)(3),, AHMEDABAD

ITA 128/AHD/2024Status: DisposedITAT Ahmedabad30 October 2025AY 2014-15Bench: MS. SUCHITRA KAMBLE (Judicial Member), SHRI NARENDRA PRASAD SINHA (Accountant Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the transactions were not genuine, based on surrounding circumstances and the assessee's failure to discharge the onus of proving the genuineness of the credit entry. The addition made by the AO was confirmed.

What were the facts?

The assessee claimed Long Term Capital Gain (LTCG) on sale of shares, which the Assessing Officer (AO) treated as an accommodation entry. The AO reopened the assessment under Section 147 and added the entire sale proceeds of Rs. 1,88,34,063/- as unexplained cash credit.

What were the issues?

Whether the reopening of assessment under Section 147 was valid and whether the LTCG claimed by the assessee was a genuine transaction or an accommodation entry.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 144B,Section 68,Section 151,Section 153C

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Income Tax Appellate Tribunal, AHMEDABAD “B” BENCH, AHMEDABAD

Before: MS. SUCHITRA KAMBLE & SHRI NARENDRA PRASAD SINHA

For Appellant: Shri K. C. Thaker, AR
For Respondent: Shri Abhijit, Sr. DR
Hearing: 23.09.2025Pronounced: 30.10.2025

PER SHRI NARENDRA PRASAD SINHA, AM: This is an appeal filed by the assessee against the order of the National Faceless Appeal Centre (NFAC), Delhi (in short “the CIT(A)”) dated 19.12.2023 for the Assessment Year (A.Y.) 2014-15 in the proceeding under Section 147 r.w.s. 144B of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’).

2.

The brief facts of the case are that the assessee had filed his return of income for the A.Y. 2014-15 on 11.03.2015 declaring total income of Rs.5,28,079/-. The case of the assessee was identified as a

The order continues below.

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