CIT(A) Must Decide on Merits, Not Dismiss for Default

Ramaiah Pushpavati Vs DCIT (ITAT Bangalore) Assessee entered into a JDA & handed over possession of part of her property on 01.08.2014 for development of Blocks 1 & 2 of the “Sterling Infinia” project. The AO reopened assessment u/s 147 on the ground that transfer u/s 2(47)(v) occurred in AY 2015-16. He computed LTCG of ₹16.51 crore by adopting FMV of ₹7,900 per sq.ft. (21,061 sq.ft × 7,900 = ₹16.63 crore). Additionally, cash deposits of ₹9 lakh were noticed in her bank account. Assessee claimed that deposits were out of rental income & past cash balance, but since no ...