Assessment order erroneous as AO failed to conduct minimum enquiry

Dr. Kalpana Alexander Vs. ACIT (ITAT Hyderabad)

There is nothing to contradict the opinion of the learned PCIT that there is failure on the part of the learned Assessing Officer to make the minimum enquiry, let alone sufficient enquiry on this aspect. Assessment order held erroneous.

Facts-

The assessee is an individual, and a medical practitioner at M/s. Matrika Hospital, Hyderabad. For the AY.2015-16, she filed her ROI declaring an income of Rs.46,80,710. It was noticed that the assessee did not declare any income towards capital gains, after claiming deduction of Rs.37,27,774 u/s. 54 of the Act and Rs.47,77,180 u/s. 54EC of the Act.

It was picked up for scrutiny to verify the large deduction claimed u/s. 54 of the Act. Assessment was completed u/s. 143(3) of the Act by order dt.29-08-2017 determining the taxable income at Rs.46,97,502 as against the returned income of Rs.46,80,710.

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