Reassessment Upheld Due to Undisclosed Capital Gains on Registered Sale Deed: ITAT Mumbai

Smt. Shree Jain Vs ACIT (ITAT Mumbai) In the case concerning reassessment and taxation of capital gains, the Income Tax Appellate Tribunal (ITAT) Mumbai examined the validity of reopening under Section 147 of the Income-tax Act, 1961 and the taxability of short-term capital gains arising from the sale of land. The assessee had filed a return for AY 2016–17 declaring minimal income, which was processed under Section 143(1) without scrutiny. Subsequently, the assessment was reopened based on information that the assessee had executed a registered sale deed dated 07.08.2015 for ₹8.96 crore bu...