Kasi Viswanath Gupta Chalamcharla Vs ITO (ITAT Pune)
Income Tax Appellate Tribunal (ITAT) Pune has directed a fresh adjudication in the case of Kasi Viswanath Gupta Chalamcharla vs. Income Tax Officer (ITO). The appeal was filed against an ex-parte order dated February 12, 2024, issued by the Commissioner of Income Tax (Appeals) [CIT(A)] / National Faceless Appeal Centre (NFAC) concerning the assessment year 2014-15. ITAT condoned a 53-day delay in filing the appeal, citing reasonable justification provided by the assessee. The Tribunal proceeded to adjudicate the matter based on available records since the assessee did not appear for the hearing.
The case originated from the reopening of the assessee’s income tax assessment under Section 147 of the Income Tax Act, 1961. The department found that the assessee had sold an immovable property worth ₹53 lakh but had not filed an income tax return. Despite being issued notices under Sections 148 and 142(1), the assessee failed to provide details regarding the cost of acquisition of the property. Consequently, the Assessing Officer (AO) determined the cost at nil, resulting in a short-term capital gain addition of ₹53 lakh. Further additions included ₹1.82 lakh as unexplained cash deposit, ₹7.56 lakh as salary income, and ₹52,141 as profit from commodity exchange transactions. The total assessed income was ₹62.90 lakh.
