ITAT Jaipur Remands Capital Gains Case to AO for Fresh Review

Puneet Singhvi Vs ITO (ITAT Jaipur) The Income Tax Appellate Tribunal (ITAT), Jaipur, has allowed the appeal of Puneet Singhvi for statistical purposes, setting aside the order of the Commissioner of Income Tax (Appeals) [CIT(A)] and restoring the assessment to the Assessing Officer (AO) for a fresh examination. The case pertains to an alleged undisclosed long-term capital gain (LTCG) arising from the transfer of an immovable property (shop) during the assessment year 2013-14. The AO initiated reassessment proceedings under Section 148 of the Income Tax Act, 1961, alleging that the assessee ha...