Non-Enquiry by AO on Property Purchase Justifies Section 263 Revision: Hyderabad ITAT

Assessee filed his return of income    declaring total income of Rs.1,08,500/-. The assessment has been subsequently reopened u/s.147    on the basis of the reasons recorded for reopening, as per which, information available with the Dept shows that the assessee had entered into an agreement of sale for purchase of commercial space   for a consideration of Rs.75,67,000/- & paid entire amount, out of the above Rs.59,22,000/- paid in cash.  148

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