ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
ITAT dismissed the appeal, holding that transfer of the file under s.127 to another AO within the same city did not obligate re-issuance of notice or a fresh hearing and that the successor AO validly assumed jurisdiction to reopen and frame assessment under s.147 without re-issuing notice under s.143(2). The reopening and addition for undeclared capital gains on sale of immovable property were sustained on available information and consistent treatment of co-owners; the assessee's belated factual plea for indexed cost of acquisition was not admitted for lack of evidence and undue delay. Result: appeal dismissed and assessment upheld.
ITAT dismissed the appeal, holding that transfer of the file under s.127 to another AO within the same city did not obligate re-issuance of notice or a fresh hearing and that the successor AO validly assumed jurisdiction to reopen and frame assessment under s.147 without re-issuing notice under s.143(2). The reopening and addition for undeclared capital gains on sale of immovable property were sustained on available information and consistent treatment of co-owners; the assessee's belated factual plea for indexed cost of acquisition was not admitted for lack of evidence and undue delay. Result: appeal dismissed and assessment upheld.
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