Jai Shankar Maheshwari, Delhi vs. DCIT, Central Circle-31, New Delhi, Delhi
In the result, the appeal of the assessee is allowed
ITA 1183/DEL/2024[2021-22]Status: DisposedITAT Delhi06 Aug 2025AY 2021-22
Bench: Shri Mahavir Singh & Shri Manish Agarwal[Assessment Year : 2021-22] Shri Jai Shankar Vs Dcit, Maheshwari, B-14, 2Nd Floor, Central Circle-31, Preet Vihar, Delhi-110092. New Delhi Pan-Aaupm3199E Appellant Respondent Appellant By Dr.Rakesh Gupta, Adv. Respondent By Shri Om Parakash, Sr.Dr Date Of Hearing 14.05.2025 Date Of Pronouncement 06.08.2025 Order Per Manish Agarwal, Am : The Present Appeal Is Filed By The Assessee Against The Order Dated 31.01.2024 Of Ld. Commissioner Of Income Tax (A)-30, New Delhi [“Ld.Cit(A)”] In Appeal No.10146/2020-21 Passed U/S 250 Of The Income Tax Act, 1961 [“The Act”] Arising From The Assessment Order Dated 30.12.2022 Passed U/S 143(3) Of The Act Pertaining To Assessment Year 2020-21. 2. Brief Fact Of The Case Are That The Assessee Is An Individual, Having Income From Salary & Interest Income & Filed His Return Of Income On 10.01.2022, Declaring Income Of Inr 5,46,580/-. The Assessment Was Selected For Scrutiny By Way Of Issue Of Notice On 30.06.2022 & After Considering The Submissions Of The Assessee & Also Placing Reliance On The Material Found During The Course Of Search Carried Out On M/S. Jainco Ltd. On 06.01.2021, An Addition Of Inr 62,00,000/- Is Made To The Total Income Of The Assessee By Holding That The Same As Undisclosed Sales Consideration Received In Addition To The Agreed Consideration Received On The Sale Of 50% Of Shares In The Property At G-174, 2Nd Floor, Preet Vihar, New Delhi-110092. 3. Against This Order, An Appeal Filed By The Assessee Before Ld.Cit(A) Wherein The Assessee Has Challenged The Assessment Order On Merits Of The Additions Which Has Been Dismissed By The Ld.Cit(A) In Terms Of Impugned Order Dated 31.01.2024. 4. Aggrieved By The Said Order, The Assessee Is In Appeal Before Tribunal Wherein Following Grounds Of Appeal Are Taken:-
Section 143(3)Section 153CSection 250Section 54
…sessee is recorded on 30.06.2022, the search year should be taken as AY 2023-24 and not the AY 2021-22 as has been done in the instant case. In this regard, reliance is placed on the judgement of Hon’ble Supreme Court in the case of CIT vs Jasjit Singh [2023] 458 ITR 437 (SC) and requested that the assessment framed for the impugned year u/s 143(3) is bad in law which should have been completed u/s 153C of the Act and therefore, the order deserves to be quashed. He prayed accordingly. 8. On the other hand, Ld.Sr. DR for the Revenue supported the orders of the lower authorities and submits a factual report filed…
