ITAT Directs Reassessment in ₹1.8 Crore Capital Gains & Section 54 exemption denial Case

Badri Narayanan Vs ITO (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT) Chennai has directed the Assessing Officer (AO) to re-examine a capital gains case involving ₹1.8 crore. The case pertains to the assessment year 2016-17, where the assessee, Mr. Badri Narayanan, contested the reassessment order issued under Section 147 of the Income Tax Act, 1961, citing inadequate consideration of evidence and procedural lapses. The assessee filed a return of income declaring ₹4.38 lakh. However, based on information regarding the sale of a property for ₹5.52 crore, the AO reopened the asses...