9911796707
TMI Blog2024 (1) TMI 67X X X X Extracts X X X X X X X X Extracts X X X X ..... e terms of Section 149 notice u/s 148 cannot be issued, after three years have elapsed from the end of the relevant assessment year, unless income chargeable to tax which has escaped assessment is likely to amount to Rupees Fifty Lakh or more, and as such, Sri. E. I. Sanmathi, the learned standing counsel for the respondents, does not contest the third limb of the petitioner s case as canvassed by Sri. A Shankar. Further, Sri. E.I. Sanmathi, given the details of the payment of the sale consideration as set forth in the Sale Deed dated 13.04.2015, cannot dispute that the entire consideration is received by the petitioner s husband and because he did not have PAN, the TDS could be uploaded to the petitioner s PAN. It would be reasonable to op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce, no return has been filed by you and income from capital gains on sale of immovable property stands unexplained/untaxed, which needs to be brought to tax by action under section 147 of the Act Therefore, it is proposed to reopen your case on the basis of information available with the Department. The Annexure refers to TDS statement on consideration on sale of immovable property [Section 1941A] These proceedings are essentially because of the sale transaction concluded by the petitioner with her husband under the sale deed dated 13.04.2015 for sale of an immovable property in Bangalore. 2. The petitioner is issued with notice under Section 148A(b) of the IT Act. The petitioner has filed reply to such notices contending that she is a perm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see during the course of the proceedings under section 148 A(b) was accorded with sufficient opportunity to disclose the capital gain, if any, with supporting documents. However, despite the same the Assessee has not responded or furnished any explanation w r t the same and in the absence of the supporting documents viz. purchase deed, sale deed of property cost of construction /improvement etc., the resulting capital gain on sale of second property cannot be ascertained. 4. Sri. A. Shankar, the learned Senior counsel for the petitioner, canvasses the following. [A] The petitioner and her husband have jointly purchased the subject immovable property under the Sale Deed dated 08.04.1996 [Annexure - J] and they, as equal co-owners of this pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on will be as under: Particulars Amount in Rs. Amount in Rs. Sale consideration 69,30,000 Less: Indexed Cost (2,89,710 x 1081/305) 10,26,808 (13,10,349) Less: Cost of Improvement (80,000 x 1081/305) 2,83,541 Capital Gain (both Shares) 56,19,651 Capital Gains (50% share of the petitioner) 28,09,825 In the light of the circumstances discussed, the petitioner must succeed, and the petition must be allowed quashing the impugned notices as well as the order. Hence, the following: ORDER The petition is allowed, and the impugned the Notices dated 11.01.2023 and 24.02.2023 issued under Section 148A(b) of the Act [Annexure- A1 and A2] and the Adjudication Orders dated 31.03.2023 [Annexure A3 and A4] under Section 148A(d) of the IT Act for the Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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