ITAT Raipur Remands Case to CIT(A) for Failure to Address ‘Reasons to Believe’

Shikhar Chand Jain Vs ITO (ITAT Raipur) Conclusion: Since CIT(Appeals) dismissed the appeal without addressing key issues raised against the assessment order, therefore, the matter was remanded back to CIT(A) as CIT(A) should have examined this issue by reviewing the assessment records. Held: Assessee had filed a return of income for A.Y. 2011-12 declaring an income of Rs. 1,57,280/-. AO later received information that a property was sold for Rs. 47.57 lakhs but the capital gain was not reported. Proceedings under Section 147 were initiated, and a notice under Section 148 was issued. In respon...