Case Law Details
Sonam Rajesh Rateria Vs ITO (ITAT Mumbai)
Introduction: The Income Tax Appellate Tribunal (ITAT) recently issued a significant decision in the case of Sonam Rajesh Rateria vs. Income Tax Officer (ITO). The ITAT directed the re-adjudication of the case due to the non-consideration of the Assessee’s unsigned reply to a notice issued under section 147 of the Income Tax Act.
Detailed Analysis:
1. Background of the Case: The Assessee, Sonam Rajesh Rateria, filed an appeal against the order dated 28.03.2019 passed by the Ld. Commissioner of Income Tax/National Faceless Appeal Centre under section 250 of the Income Tax Act, 1961.
2. Initial Assessment: The Assessee had declared a total income of Rs. 9,50,670 and sought exemption under section 10(38) for Long Term Capital Gain of Rs. 4,97,000 in the return of income filed on 27.07.2011. The return was processed under section 143(1) of the Act.
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