AMIT KUMAR VERMA,PATNA vs. ITO, WARD- 6(1), PATNA

ITA 357/PAT/2023Status: DisposedITAT Patna04 December 2025AY 2015-16Bench: SHRI SONJOY SARMA (Judicial Member), SHRI RAKESH MISHRA (Accountant Member)1 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that additional evidence (cancellation deed) was crucial and had not been properly considered. Therefore, the matter was remanded to the Assessing Officer for fresh assessment.

What were the facts?

The assessee's case was reopened under Section 147 due to alleged escaped income from a development agreement. The Assessing Officer added capital gains, and the CIT(A) confirmed the addition. The assessee appealed, arguing the agreement was cancelled and thus no transfer occurred.

What were the issues?

The primary issue was the correct date of transfer for capital gains calculation in a development agreement, especially when the agreement was later cancelled. The Tribunal also considered the opportunity for the assessee to present evidence.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 45,Section 2(47),Section 250,Section 271(1)(c)

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Income Tax Appellate Tribunal, PATNA ‘DB’ BENCH AT KOLKATA

Before: SHRI SONJOY SARMA & SHRI RAKESH MISHRA

PER RAKESH MISHRA, ACCOUNTANT MEMBER:

This appeal filed by the assessee is against the order of the Commissioner of Income Tax (Appeals)-NFAC, Delhi [hereinafter referred to as Ld. 'CIT(A)'] passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) for AY 2015-16 dated 18.10.2023. 2. The assessee is in appeal before the Tribunal raising the following grounds of appeal:

“1. For that the CIT (Appeal), National Faceless Appeal Centre (NFAC), Delhi has erred in passing order confirming the income assessed at Rs.90,82,570/- by Ld. assessing officer against returned income of Rs.5,30,350/- under the facts and circumstances of the case and the law.

2.

For that the

The order continues below.

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