2025 (8) TMI 376

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.... 2. There is a delay of 7 days in presenting the appeal before the Tribunal, which is condoned. 3. The grounds raised by the assessee are as under: 1. In law and in the facts and circumstances of appellants case, the impugned assessment order passed u/s 143(3) r.w.s 147 of the Act by the LD. Assessing Officer is void and deserves to be quashed. 2. In law and in the facts and circumstances of the appellant's case, the Ld. Assessing Officer has erred in making addition of Rs.19,43,000/- considering Long Term Capital Gain on sale of shares of Karma Ispar as undisclosed income and thereby denying the exemption claimed u/s 10(38) of the Act. The Assessing Officer may be directed to delete the same. 3. The Ass....

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....e filed objection against the issuance of notice under section 148 of the Act dated 30.3.2019. The objections of the assessee were disposed by a speaking order dated 11.7.2019. The L/R vide submissions dated 10.5.2019 stated that the assessee entered in sale of shares amounting to Rs. 19,43,000/- during the year, and claimed Rs. 17,61,433/- as exempt LTCG. The submissions also mentioned that the assessee has purchased shares of Karma Isp. Vide contract note no.BSECB2010/B/020/0014 dated 28.04.2010 and sold the said shares vide contract note no.BC/049/3193 dated 13.06.2011. Notice under section 143(2) of the Act dated 11.9.2019 was issued and served to the assessee on the registered email-id, but no compliance was made. The L/R of the assess....

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....e it can be rectified, and cannot be taken as defective assessment in law. The ld.DR relied on the decision of the Hon'ble Madhya Pradesh High Court in the case of Smt.Kaushalyabhai Vs. CIT, 238 ITR 1008 (MP). The ld.DR submitted that the said decision categorically mentioned that the issue of notice on a dead-person under section 292B of the Act is a procedural irregularity, and therefore, the assessment is just and proper. 8. The ld.AR relied on the decision of the Hon'ble Gujarat High Court in the case of Rasid Lala Vs. ITO, (2017) 77 taxmann.com 39 (Guj), and the decision of the Ahmedabad Tribunal in the case of Kushal Vinodkumar Bhatt Vs. ACIT, ITA No.752/Ahd/2025 order dated 30.6.2025. 9. We have heard both the parties and perus....