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The ITAT set aside the CIT(A)'s order concerning STCG on an ancestral property allegedly sold by the assessee with ten co-owners for Rs. 9.08 crores. The Tribunal remanded the case to the JAO to determine whether the assessee actually transferred any immovable property in AY 2016-17. If no transfer occurred, no capital gain would be taxable; if a transfer is confirmed, capital gains should be assessed according to law. Similarly, the penalties under s.271(1)(c) for concealment of income and s.271F for non-filing of returns were set aside, with instructions that penalties may only be imposed after the JAO completes the reassessment and establishes taxable income exceeding the threshold limit.
The ITAT set aside the CIT(A)'s order concerning STCG on an ancestral property allegedly sold by the assessee with ten co-owners for Rs. 9.08 crores. The Tribunal remanded the case to the JAO to determine whether the assessee actually transferred any immovable property in AY 2016-17. If no transfer occurred, no capital gain would be taxable; if a transfer is confirmed, capital gains should be assessed according to law. Similarly, the penalties under s.271(1)(c) for concealment of income and s.271F for non-filing of returns were set aside, with instructions that penalties may only be imposed after the JAO completes the reassessment and establishes taxable income exceeding the threshold limit.
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