Sale Proceeds Cannot Be Taxed as Income Without Capital Gains Computation

Gavini Giridhara Murari Vs ITO (ITAT Hyderabad)

Sale Value ≠ Capital Gains: Gross Sale Proceeds Taxed as Income? Tribunal Orders Fresh Assessment Despite Assessee’s Absence

Assessee did not respond to notice u/s 148 issued on 20.03.2023 nor to subsequent notices. AO, therefore, completed reassessment u/s 147 r.w.s.144/144B on 29.12.2023 treating entire sale proceeds of Rs.3,18,000 from one capital asset & Rs.58,83,000 from two immovable properties as taxable income without allowing cost of ac

Please become a Premium member. If you are already a Premium member, login here to access the full content.