Case Law Details
Chaudhary Stone Crusher Vs ITO (ITAT Delhi)
In the case of Chaudhary Stone Crusher vs. Income Tax Officer (ITO), adjudicated by the Income Tax Appellate Tribunal (ITAT) Delhi, the central issue pertained to the validity of reassessment proceedings initiated against the assessee firm for the assessment year 2011-12. Here is a detailed summary of the case and the tribunal’s decision:
Background
Chaudhary Stone Crusher, a partnership firm engaged in manufacturing and trading of stone grits and related materials, had not filed its income tax return for the assessment year 2011-12. Subsequently, the Assessing Officer (AO) initiated reassessment proceedings under Section 147 of the Income Tax Act, 1961. The AO’s basis for reassessment was information received from another tax jurisdiction indicating that the firm had sold immovable property during the financial year 2010-11, with the market value declared at Rs. 91,74,000.
Grounds of Appeal
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