Section 69A Addition of ₹4.86 crores: ITAT directs de novo Assessment

Jasvant Baraiya Vs ITO (ITAT Ahmedabad) In the case of Jasvant Baraiya vs. Income Tax Officer (ITO), the Income Tax Appellate Tribunal (ITAT), Ahmedabad, addressed a dispute over the treatment of sale consideration under Section 69A of the Income Tax Act, 1961. The appellant, an agriculturist, sold ancestral agricultural land for ₹4.86 crores, with his share amounting to ₹1.21 crores. Believing no tax applied to the sale of ancestral land, the appellant did not report the transaction or file returns for the relevant assessment year. Following multiple non-compliances with notices from the ...