Capital Gains Addition Cannot Stand When Property Sale Is Under Civil Dispute: ITAT Ahmedabad

Advertisement Rameshbhai Rayjibhai Parmar Vs ITO (ITAT Ahmedabad) In a case concerning reassessment proceedings for A.Y. 2015-16, the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) considered appeals relating to both quantum addition and penalty proceedings under Section 271(1)(c) of the Income-tax Act. The Assessing Officer (AO) had reopened the assessment after receiving information that the assessee had sold immovable properties worth Rs.2,23,18,000 during the relevant year. The assessee had neither filed a return under Section 139 nor responded during proceedings under Sect...