VIKASH KUMAR TAPADIA,JAMSHEDPUR vs. INCOME TAX OFFICER, JAMSHEDPUR

Appeal of the assessee is allowed for statistical purposes

Bench: Shri Sonjoy Sarma & Shri Ratnesh Nandan Sahayi.T.A. No.235/Ran/2024 Assessment Year: 2018-19 Vikash Kumar Tapadia….........................…...........................……….……Appellant Tapadia Compound, Chowk Bazar, Jugsalai (Jharkhand)-831006.. [Pan: Acnpt2711L] Vs. Ito, Jamshedpur……………………………….……........……...…..…..Respondent Appearances By: None Appeared On Behalf Of The Appellant. Shri Khubchand T. Pandya, Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : September 10, 2025 Date Of Pronouncing The Order : September 16, 2025 Order Per Sonjoy Sarma: This Appeal Arises From Order Dated 03.02.2024, Passed U/S 250 Of The Income Tax Act, 1961 (Hereafter "The Act") By The Ld. Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac) [Hereinafter "The Ld. Cit(A)]. 2. Brief Facts Of The Case Are That In The Case Of The Assessee For The Assessment Year 2018-19, The Assessing Officer Noticed That The Assessee Was Involved In Certain Financial Transaction. However, Assessee Has Not Disclosed The Same In The Return Of Income For The Relevant Year. In View Of The Above Fact After Giving Opportunity As Per Section 148A & Obtaining Approval From The Competent Authority Or U/S 148A(D) Of The Act Was Passed On 30.03.2022. Accordingly, Notice U/S 148 Of The Act Requesting The Assessee To File Return Of Income. However, In Compliance To The Notice, The Assessee Did Not Respond & The Ao View That Unexplained Loan U/S 68 Of The Act Of Rs. 9,00,000/- Unexplained Money U/S 69C Of The Act, Rs. 60,44,241/- & Capital Gains Of Rs. 30,54,000/-

section 148A and obtaining approval from the competent authority or u/s 148A(d) of the Act was passed on 30.03.2022. Accordingly, notice u/s 148 of the Act requesting the assessee to file return of income. However, in compliance to the notice, the assessee did not respond and the AO view that unexplained loan