UNIPACK, BHIWADI UNIT Vs. ADDITIONAL COMMISSIONER CGST

JUDGEMENT

(1.) This appeal filed under Sec. 260A of the Income-Tax Act, 1961 (for short, 'the Act') impugns an order dtd. 10/3/2025 passed by Income-Tax Appellate Tribunal (ITAT) by which order ITAT was pleased to hold that assessment order dtd. 28/12/2017 was not correct.

(2.) Assessee i.e. respondent had filed return of income for A.Y. 2014-15 on 31/7/2024 declaring total income at Rs.7,50,190.00. There was a search made under Sec. 132 of the Act at the business/residential premises of assessee as also his family members and business concerns. The search that was carried out on 17/12/2015 revealed several incriminating documents alongwith cash, jewellery and other valuables, which were seized. Jurisdiction was assumed by Principal Commissioner of Income-tax (PCIT), Jodhpur and notice under Sec. 153A of the Act was issued on 4/7/2016 for filing return for A.Y. 2014-15. In response, assessee filed return on 5/10/2017 declaring total income at Rs.7,40,190.00. Subsequently, notice under Sec. 142(1) of the Act alongwith detailed questionnaire was served on assessee and later on, a notice under Sec. 143(2) of the Act was also issued. It is stated that assessee did not comply with the various notices and, thereafter, penalty proceedings were also initiated. Assessee however, was represented in the personal hearing and an assessment order dtd. 28/12/2017 came to be passed.

(3.) The contentious issue in this appeal before us pertains to long term capital gain under Sec. 10(38) of the Act.