ITAT Hyderabad Upholds Sec 263 Revision Over Inadequate Capital Gains Inquiry

Advertisement M. Abdul Mannan Vs ITO (ITAT Hyderabad) ITAT Upholds Revision u/s 263 in Cancelled Sale Deed Case – AO Faulted for Accepting “No Capital Gains” Claim Without Proper Enquiry The Hyderabad ITAT upheld the Principal CIT’s revisionary order u/s 263, holding that the Assessing Officer had accepted the assessee’s claim of “no capital gains” arising from a registered property sale without conducting proper enquiry and verification. The Tribunal observed that the registered sale deed itself recorded receipt of consideration of ₹1.09 crore and handing over of possession...