Full Sale Consideration Taxed as STCG – ITAT Remands Case for Merits-Based Adjudication

Shree Hari Builders Vs ITO (ITAT Mumbai) Assessee had not filed its return of income for AY 2013-14. Based on departmental information, it was noticed that an immovable property worth Rs. 2.16 crore was sold during the year. A notice u/s 148 was issued on 23.03.2021, but no compliance was made. AO thereafter completed assessment ex parte on 29.03.2022, treating the entire sale consideration of Rs. 2.16 crore as short-term capital gain in the hands of Assessee. Assessee carried the matter in appeal before the CIT(A), but again failed to respond to notices, leading to dismissal of the appeal ex ...