VIMAL KUMAR BANKA,KANPUR vs. ITO WARD-1(2)(1), KANPUR

The appeal of the assessee is allowed

Bench: Shri. Sudhanshu Srivastavaassessment Year: 2012-13 Vimal Kumar Banka V. The Ito 5/P/25, Dabauli Ward 1(2)(1) Kanpur Kanpur Tan/Pan:Afzb1801J (Appellant) (Respondent) Appellant By: Shri Rakesh Garg, Advocate Respondent By: Shri Sunil Kumar Rajwanshi, D.R. O R D E R This Appeal Has Been Preferred By The Assessee Against Order Dated 24.11.2023, Passed By The National Faceless Appeal Centre, Delhi (Nfac) For Assessment Year 2012-13. 2.0 The Brief Facts Of The Case Are That As Per The Assessing Officer (Ao), The Assessee Had Not Filed The Return Of Income For The Year Under Consideration. The Income Tax Department Was In Possession Of Information That The Assessee Had Sold An Immovable Property, Jointly Held With Mrs Kanchan Talwar, During The Year Under Consideration For A Consideration Of Rs.10,00,000/- & The Value Of The Same As Per The Stamp Valuation Authority Was Rs.23,15,000/-. The Assessing Officer (Ao), Therefore, Reopened The Case Of The Assessee Under Section 147 Of The Income Tax Act, 1961 (Hereinafter Called “The Act’)