ITAT Ahmedabad Denies Section 270AA Immunity Due to Failure to File Form 68

Meghal Rajeshkumar Thakor Vs ITO (ITAT Ahmedabad) Facts of the Case The assessee, an individual, had not filed the return of income under section 139(1) for Assessment Year 2018-19. Based on information regarding sale of immovable property jointly owned by the assessee and other co-owners for a total consideration of Rs. 10,55,00,006, reassessment proceedings were initiated and notice under section 148 was issued on 28.03.2022. In response to the notice, the assessee filed the return of income on 26.04.2022 declaring total income of Rs. 42,03,780 representing her share of sale consideration. T...