Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (9) TMI 210 - ITAT PUNEValidity of the re-assessment proceedings - disallowance of expenditure while computing the income under the head “capital gains” - HELD THAT:- As re-assessment proceedings initiated by the AO are valid in law, inasmuch as, the information received by the AO that the co-owners of the property which was sold during the previous year relevant to the assessment year under consideration, in respect of which the capital gains arising on sale of such property were offered to tax constituted an information enabling the Assessing Officer to form an opinion that the income escaped assessment to tax. On merits of the issue, there is no material to disbelieve that the expenses incurred on account of development of the flat sold is genuine. Therefore, the Assessing Officer was not justified in making the addition as well. Thus, the grounds of appeal filed by the assessee stand partly allowed.
|