No Capital Gains Tax on Void Sale Deed Executed Through Forged POA: ITAT Ahmedabad

Suraj Jayantilal Patel Vs ITO (ITAT Ahmedabad) The appeal before the Income Tax Appellate Tribunal (Ahmedabad) arose from reassessment proceedings for Assessment Year 2015–16, wherein the assessee had originally declared total income of Rs. 1,37,330. The Assessing Officer (AO) received information that the assessee, as co-owner, had allegedly sold land at Hanspura Village on 25.07.2014 for Rs. 6,82,53,000. Since no capital gains were declared, the case was reopened under Section 147 of the Income Tax Act. During assessment, the assessee denied any sale of the land and stated that no Power of...