PRABHU DAYAL BHARTIYA ,PATNA vs. DC/AC CIRCLE-4, PATNA, PATNA
In the result, the appeal of the assessee is allowed for statistical purposes
ITA 372/PAT/2025[2013-14]Status: DisposedITAT Patna15 Oct 2025AY 2013-14
Bench: Shri Sonjoy Sarma & Shri Rakesh Mishrai.T.A. No.372/Pat/2025 Assessment Year: 2013-14 Prabhu Dayal Bhartiya (Huf)….………. …………………....Appellant 701, Shanti Kunj, Chajjubagh, Patna, Bihar- 800001.. [Pan: Aachp7738Q] Vs. Dc/Ac, Circle-4, Patna…....…..……………..………………….…..... Respondent Appearances By: None Appeared On Behalf Of The Appellant. Shri Ashwani Kr. Singal, Jcit, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : October 14, 2025 Date Of Pronouncing The Order : October 15, 2025 आदेश / Order Per Sonjoy Sarma: This Appeal Is Directed By The Assessee Against The Order Dated 16.07.2025 Passed By The Nfac Under Section 250 Of The Income-Tax Act, 1961. 2. Brief Facts Of The Case Are That The Assessee, A Hindu Undivided Family (Huf), Filed Its Return Of Income For The Assessment Year 2013– 14 Declaring A Total Income Of ₹6,120/-. The Case Was Reopened Under Section 147 Of The Income-Tax Act, 1961 On The Basis Of Information Received From The Investigation Wing That The Assessee Was A Beneficiary Of Accommodation Entries In The Form Of Long-Term Capital Gains (Ltcg) From The Sale Of Shares Amounting To ₹55,16,804/- Received From M/S. Aayan Commercial Pvt. Ltd. & Its Associate Concerns. It
Section 10(38)Section 147Section 148Section 250Section 68
10(38) of the Act on account of such alleged bogus LTCG. Accordingly, after obtaining the necessary approval from the competent authority, notice under section 148 of the Act was issued to the assessee. During the reassessment proceedings, the assessee failed to substantiate the genuineness of the share transactions and could not furnish documentary evidence in support
