HC Quashes Reopening Based on Post-Sale Broker Entry A real estate professional declared an income of Rs. 23.16 lakh for the assessment year 2019-20. During this time, he bought land in Village Godhavi for Rs.1.17 crore. Years later, a tax raid on the “B Safal Group” and a broking firm turned up an enquiry register….
Reopening Quashed as Conditions for Section 148 Jurisdiction Not Satisfied A real estate LLP found itself in a legal battle after the tax department tried to reopen its assessment for AY 2019-20. The issue started with a land sale in Village Gota, sold for Rs 5 crore in April 2018. However, during a separate search…
ITAT Deletes Rs. 14.74 Lakh Section 69 Addition and Alleged On-Money in Flat Purchase Case Smt. Mithlesh Amarnath Maurya did not file her return for A.Y. 2013-14. Reassessment under section 147 was initiated based on search-related information in the case of M/s Bhagwati Developers group alleging on-money in property transactions. The Assessing Officer alleged that…
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