https://www.taxtmi.com/caselaws?id=773522 ITAT Ahmedabad dismissed the assessee's appeal challenging reopening under Section 148 and LTCG computation. The tribunal upheld the validity of reopening as the assessee failed to file return despite notice and had substantial immovable property transactions. The assessee's claim of non-ownership was rejected based on Gujarat HC's declaration establishing ownership. The AO correctly computed LTCG on property sale proceeds of Rs. 3,20,00,000/- with Rs. 97,00,000/- paid to assessee, supported by journal entries from Neptune Realty Pvt. Ltd. correlating with the HC decision. en-us Thu, 19 Jun 2025 00:00:00 +0530 Tue, 24 Jun 2025 08:25:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773522 ITAT Ahmedabad dismissed the assessee's appeal challenging reopening under Section 148 and LTCG computation. The tribunal upheld the validity of reopening as the assessee failed to file return despite notice and had substantial immovable property transactions. The assessee's claim of non-ownership was rejected based on Gujarat HC's declaration establishing ownership. The AO correctly computed LTCG on property sale proceeds of Rs. 3,20,00,000/- with Rs. 97,00,000/- paid to assessee, supported by journal entries from Neptune Realty Pvt. Ltd. correlating with the HC decision. Case-Laws Income Tax Thu, 19 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773522