ITAT Ahmedabad Quashes Reassessment as Property Sale Belonged to Earlier Year

Rajeshbhai Bhagwandas Patel Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad Quashes Reassessment for AY 2012–13 – Property Sale Pertained to Earlier Year; Additions under Section 50C &  Capital Gains Deleted Ahmedabad  ITAT has annulled a reassessment framed under section 144 r.w.s. 147, holding that the property sale which formed the very basis of the reopening pertained to the previous year relevant to AY 2011–12 &  not to the reassessment year. Assessee, an individual, filed his return of income for AY 2012–13 declaring salary income of ₹3,50,777/-. AO received information tha...