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2023 (3) TMI 919 - ITAT DELHIRevision u/s 263 - capital gain arising from transfer of immovable property - Reopening of assessment u/s 147 - As per CIT AO committed error in considering the agreement to sell between Mrs. Sangita Gupta and assessee to determine cost of acquisition for purpose of section 48 - HELD THAT:- AO had made relevant and sufficient enquiries on the issue and was justified to take into consideration the agreement to sell. In fact Ld. PCIT has committed further error in expanding the scope of inquiry by questioning the source of payment to Smt. Sangita Goel by the wife of assessee. While the reasons to believe for purpose of Section 148(2) of the Act was merely alleged escapement of income under the head of capital gain arising from transfer of immovable property - Thus, the order of Ld. PCIT u/s 263 the Act cannot be sustained. Consequently, the appeal of assessee is allowed.
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