Case Law Details
Darshan Shivlal Thakkar Vs PCIT (ITAT Ahmedabad)
The case of Darshan Shivlal Thakkar Vs PCIT (ITAT Ahmedabad) revolves around the challenge by the assessee against the order passed by the Principal Commissioner of Income Tax (PCIT) under section 263 of the Income Tax Act, 1961. The appeal pertains to the assessment year 2013-2014 and primarily deals with the alleged erroneous assessment framed under section 143(3) of the Act, where a significant addition under section 68 was directed by the PCIT.
Background
Darshan Shivlal Thakkar, the assessee, filed his income tax return declaring income from various sources including finance, house property, and salary. The original assessment under section 143(3) resulted in an addition of Rs. 2,50,680 for disallowance of interest expenses. However, the PCIT later found discrepancies in the long-term capital gains (LTCG) reported by the assessee.
Issue Raised
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