ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, KAKINADA vs. SRI JIYYANA VENKATARAYUDU (HUF), KAKINADA

ITA 173/VIZ/2024Status: DisposedITAT Visakhapatnam09 October 2024AY 2017-18Bench: SHRI DUVVURU RL REDDY, HON’BLE (Judicial Member), SHRI S BALAKRISHNAN, HON’BLE (Accountant Member)10 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that failure to pay tax under IDS does not change the character of the income declared. The CIT(A) was correct in directing the AO to recompute the income under the head capital gains.

What were the facts?

The assessee declared income under the Income Declaration Scheme, 2016, but failed to pay the taxes. The Assessing Officer treated this as undisclosed income and taxed it under Section 68 read with Section 115BBE. The CIT(A) allowed the appeal, directing recomputation under capital gains.

What were the issues?

Whether the character of income declared under IDS, 2016, changes due to non-payment of taxes, and if it can be taxed under Section 68 instead of its declared head.

Which sections of the Income-tax Act were involved?

Section 68,Section 115BBE,Section 144,Section 139(1),Section 142(1),Section 271F,Section 271,Section 274,Section 187(3),Section 183,Section 184,Section 185,Section 197(b)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

Before: SHRI DUVVURU RL REDDY, HON’BLE & SHRI S BALAKRISHNAN, HON’BLE

Hearing: 25/09/2024

PER DUVVURU RL REDDY, Judicial Member :

This appeal filed by the Revenue is against the order of the Learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [“Ld. CIT(A)-NFAC”] in DIN & Order No. ITBA/NFAC/S/250/2023-24/1061500625(1), dated 26/02/2024 arising out of the order passed U/s. 144 of the Income Tax Act, 1961 [“the Act”] for the AY 2017-18. 2. Briefly stated the facts of the case are t

The order continues below.

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