ITAT Mumbai Restores Ex-Parte Reassessment as Capital Gains Were Taxed in Director’s Hands Instead of Company

Khushbu Ramchandra Yadav Vs ITO (ITAT Mumbai) Director Not Seller, Delay Deserves Mercy: ITAT Mumbai Restores Ex-parte Reassessment to CIT(A) ITAT Mumbai set aside ex-parte reassessment & appellate orders where capital gains of ₹80 lakh on sale of flat were taxed in hands of an individual Director instead of the company. Tribunal noted that the assessee was merely a Director & authorised signatory of Implicit Builders & Developers Pvt Ltd, which had actually sold the property, disclosed the transaction in its return & paid due taxes. Assessment was framed ex-parte u/s 147 r.w...