Ex-Parte LTCG Order Set Aside for Fresh, Fair Computation

Afsha Shamim Ahmed Khan Vs ITO (ITAT Pune) ITAT Pune Restores Ex-Parte LTCG Assessment: Entire Sale Consideration Cannot Be Taxed Without Ownership, Cost & Exemption Analysis The Pune SMC Bench of the ITAT set aside an ex-parte assessment under sections 144 r.w.s. 147 for AY 2010-11, where the Assessing Officer had taxed the entire sale consideration of ₹40 lakh as long-term capital gains, without allowing cost of acquisition, indexation, or section 54 exemption, and without examining co-ownership of the property. The Tribunal noted that the assessee had consistently contended that the p...