Section 263 Upheld Due to Lack of Enquiry on Section 54F Claim & Foreign Property Ownership

Sumanth Badiga Vs DCIT (ITAT Hyderabad) The appeal was filed by the assessee against the order dated 14.02.2025 passed by the Principal Commissioner of Income Tax (Pr. CIT), Hyderabad-4, for Assessment Year 2020–21 under Section 263 of the Income Tax Act, 1961. The assessee, an individual and NRI, filed a return of income on 11.09.2020 declaring long-term capital gains of Rs. 9,97,46,100 after claiming deduction of Rs. 1,00,92,000 under Section 54F. The case was selected for scrutiny under CASS, and the Assessing Officer (AO) completed the assessment under Section 143(3) read with Section 14...