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No Plot, No Profit, Still Taxed :When AO Shoots the Wrong Person: Middleman Dragged into 56(2)(ix) Tax Trap
Case Law Details
- Case Name
- Saroj Devi Haldiya Vs ITO (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Jaipur
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Saroj Devi Haldiya Vs ITO (ITAT Jaipur)
No Plot, No Profit, Still Taxed :When AO Shoots the Wrong Person: Middleman Dragged into 56(2)(ix) Tax Trap; Two-Day Show Cause, Zero Natural Justice: ITAT Called to Restore Fair Play!
Background
Assessee filed return declaring ₹13.37 lakh.
Reassessment u/s 147/144B completed at ₹88.72 lakh.
Major addition: ₹75,00,000 u/s 56(2)(ix) (forfeited advance).
Other disallowances: ₹34,647 (u/s 57) & ₹83,453 (capital loss restriction).
CIT(A), NFAC dismissed the appeal ex-parte, stating no proper submissions were filed.
Key Facts of the Transactio...
Author Info
