Rural Land Claim Fails – ITAT Confirms Rs. 2.92 Cr LTCG Addition

Shriram Sahadev Rawool Vs ITO (ITAT Pune) Assessee did not file return for AY 2013-14. AIS information showed sale of immovable properties valued at Rs.2,94,57,000 in FY 2012-13. AO issued notice u/s 148 dated 25.02.2020, followed by 142(1) notices, all of which remained un-complied. AO therefore treated Rs.2,92,57,000 as LTCG taxable u/s 112, adopting full sale consideration in absence of details. Before CIT(A)/NFAC, Assessee submitted documents claiming land was rural agricultural land & hence not a capital asset u/s 2(14). CIT(A)/NFAC rejected this, holding that documents showed land to...