Co-owners showed capital gains of different amount – Section 148 notice invalid

Bimlakumari Lajpatraj Hurra Vs ITO (Gujarat High court) ITAT held that When the return of income was filed and all the relevant details including the share in the sale proceeds, the basis of the details of exemption claimed under section 54EC, the index cost etc. were shown, there was nothing to doubt the said details which figured in the return of income, which was processed. The submission that the co-owners showed the capital gains of different amount, is also not a valid ground for issue of notice under section 148 since the facts and computation in case of each assessee in respect of retu...