9911796707
TMI Blog2024 (8) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... l facts, the assessment could be reopened. AO has taken a stand that by virtue of the Taxation and Other Loss (Relaxation of Certain Provisions) Ordinance, 2020 and the notifications issued thereunder, the proviso to Section 147 of the Act will not be applicable. It is an incorrect stand because the AO in the notice issued u/s 148 states that it has been issued after obtaining the necessary satisfaction of the Commissioner of Income Tax, ( CIT ) Pune. If it was within four years, he would not have taken the approval of the CIT and he would have taken the approval only of the Joint Commissioner of Income Tax. Moreover, in this case the issue regarding the capital loss on the sale of the said flat was subject of assessment proceedings. It is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der Section 143(2) of the Act informing Petitioner that the Department has decided to conduct a limited scrutiny with regard to interest income and mismatch in income/capital gain on sale of land or building. Petitioner was also issued another notice dated 26th September 2017 seeking clarification on various points/issues, one of which was details regarding sale/purchase of immovable property during the Financial Year 2014- 15. 4. Petitioner, by Chartered Accountant s letters dated 3rd October 2017 and 11th October 2017 provided all the details. With regard to the capital loss booked on sale of the said flat, detailed explanation was given in the communication dated 11th October 2017. Subsequently, an assessment order dated 29th April 2017 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and that by virtue of the Taxation and Other Loss (Relaxation of Certain Provisions) Ordinance, 2020 and the notifications issued thereunder, the proviso to Section 147 of the Act will not be applicable. It is an incorrect stand because the AO in the notice issued under Section 148 of the Act states that it has been issued after obtaining the necessary satisfaction of the Commissioner of Income Tax, ( CIT ) Pune. If it was within four years, he would not have taken the approval of the CIT and he would have taken the approval only of the Joint Commissioner of Income Tax. 7. Moreover, in this case the issue regarding the capital loss on the sale of the said flat was subject of assessment proceedings. It is evident from the assessment order it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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