LTCG on JDA Year Reopened: Tribunal Sends Case Back for Proper Verification

Santosh Ramdas Moze Vs ITO (ITAT Pune) Assessee had not filed return for AY 2015-16. Case was flagged as P1 risk on Insight Portal due to large property transaction. AO issued notice u/s 148A(b) on 23.03.2022; no reply was filed. AO thereafter issued notice u/s 148 & initiated reassessment. In response to 142(1), Assessee submitted Development Agreement dated 29.05.2014 showing transfer of land to R.G. Developers on 50% sharing basis with possession handed over & refundable security deposit of Rs.40 lakh received. AO invoked s.2(47)(v) r.w.s.53A, held that transfer occurred in AY 2015-...