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Hotel Blue Moon Still Shines -Tribunal Annuls 147 Orders – Absence of 143(2) Fatal Despite ROI Filed
Case Law Details
- Case Name
- Gangaram Reddy Tekulapalli Vs ITO (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-2015
- Courts
- All ITAT, ITAT Hyderabad
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Gangaram Reddy Tekulapalli Vs ITO (ITAT Hyderabad)
Hotel Blue Moon Still Shines -Tribunal Annuls 147 Orders – Absence of 143(2) Fatal Despite ROI Filed
Background
Assessees: Husband & wife NRIs (Gangaram Reddy & Haripriya).
Transaction: Sold agricultural lands in Puppalguda village; purchased a flat in Manikonda Jagir.
AO’s Action: Reopened assessments u/s 147. Computed LTCG of ₹68,06,390 each (½ share) after considering investment in flat but denied full 54F relief.
Procedure: Draft assessment u/s 144C issued → objections filed before DRP but rejected as belated. AO passed f...
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