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Revision Upheld for Failure to Examine Capital Gains on Urban Land Sale
Case Law Details
- Case Name
- Ghanshyam Lal Vs PCIT (ITAT Raipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2021-22
- Courts
- All ITAT, ITAT Raipur
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Ghanshyam Lal Vs PCIT (ITAT Raipur)
No Enquiry on Capital Gains – PCIT’s 263 Revision Upheld for Urban Land Sale Falling Within Bilaspur Municipal Limits
Raipur ITAT upheld the revisional order u/s 263, holding that AO’s assessment was erroneous & prejudicial to Revenue.
Assessee, a farmer, had filed return declaring Rs.1,54,590/- & claimed exempt agricultural income from sale of alleged agricultural land at Bodri , Bilaspur. During scrutiny, AO made addition only for unexplained cash deposit of Rs.16,10,000/- u/s 68 but completely ignored the sale of three prope...
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