ITAT Allows Appeal Delay, Directs Fresh Adjudication by AO Following SC Guidelines

Vaibhav Vishwanath Surve Vs ITO (ITAT Pune)  The Income Tax Appellate Tribunal (ITAT), Pune, recently ruled in the case of Vaibhav Vishwanath Surve vs. ITO concerning the assessment year 2010-11. The case arose after the assessee failed to file his income tax return despite being a co-owner in a property transaction amounting to ₹1.33 crore. Based on sale deed records, the Assessing Officer (AO) deemed that Surve’s share of ₹33.33 lakh had resulted in a long-term capital gain that was not disclosed. Due to lack of response from the assessee, the AO passed an ex parte assessment order un...