Reassessment Remanded for Fresh Hearing Due to Non-Adjudication on Merits of Section 50C issue

Rupal Devang Naik Vs ITO (ITAT Surat)  The appeal before the ITAT Surat arose from an order passed by the Commissioner of Income-tax (Appeals), NFAC, Delhi, for assessment year 2012–13, confirming an ex parte reassessment framed under sections 144 read with 147 of the Income-tax Act, 1961. The assessee challenged the reopening of assessment, the ex parte nature of the order, the addition of long-term capital gains, invocation of section 50C without reference to the Departmental Valuation Officer (DVO), and denial of indexed cost of acquisition. The case was reopened based on information tha...