Sale Proceeds Cannot Be Taxed as Income Without Capital Gains Computation

Gavini Giridhara Murari Vs ITO (ITAT Hyderabad) Sale Value ≠ Capital Gains: Gross Sale Proceeds Taxed as Income? Tribunal Orders Fresh Assessment Despite Assessee’s Absence Assessee did not respond to notice u/s 148 issued on 20.03.2023 nor to subsequent notices. AO, therefore, completed reassessment u/s 147 r.w.s.144/144B on 29.12.2023 treating entire sale proceeds of Rs.3,18,000 from one capital asset & Rs.58,83,000 from two immovable properties as taxable income without allowing cost of acquisition or examining computation of capital gains. Assessee also remained non-compliant befor...