Sarojben Rajkumar Bansal Vs DCIT (ITAT Ahmedabad)
In a recent decision, the Income Tax Appellate Tribunal (ITAT) in Ahmedabad has reopened the appeal filed by Sarojben Rajkumar Bansal, challenging a previous order from the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi. The case revolves around the assessment for the assessment year 2013-14, where the tax authorities had made a substantial addition of ₹4,27,83,714 as unexplained cash credits under section 68 of the Income Tax Act, 1961.
The original return of income was filed by the late Shri Rajkumar Kakaram Bansal on October 9, 2013, reporting an income of ₹84,98,510. Following this, an assessment under section 143(3) was completed on November 26, 2015, accepting the declared income. However, the assessment was reopened on March 31, 2021, based on information from the Investigation Wing, which alleged that the assessee had engaged in non-genuine transactions involving penny stocks.
The reopening was prompted by findings from a search conducted on January 23, 2015, on Globe Ecologistics Group. The Investigation Wing claimed that Bansal had made bogus long-term capital gains (LTCG) through transactions involving KGN Enterprise Ltd. The income tax authorities argued that these gains were not legitimate and issued a notice under section 148 for reassessment.
