https://www.taxtmi.com/caselaws?id=773721 ITAT AGRA upheld reassessment notice u/s 148 issued within six-year limitation period for AY 2015-16, finding undisclosed capital gains of Rs. 45,00,000 exceeded Rs. 1,00,000 threshold. Prior PCIT approval under section 151 was validly obtained, and electronic service was proper. However, ITAT denied section 54 exemption for property with four ground-floor shops and one first-floor room, ruling it predominantly commercial despite assessee's claim of residential character. ITAT directed AO to recompute capital gains on 50% share only, as property was jointly owned with spouse per sale deed. en-us Fri, 20 Jun 2025 00:00:00 +0530 Fri, 27 Jun 2025 08:36:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773721 ITAT AGRA upheld reassessment notice u/s 148 issued within six-year limitation period for AY 2015-16, finding undisclosed capital gains of Rs. 45,00,000 exceeded Rs. 1,00,000 threshold. Prior PCIT approval under section 151 was validly obtained, and electronic service was proper. However, ITAT denied section 54 exemption for property with four ground-floor shops and one first-floor room, ruling it predominantly commercial despite assessee's claim of residential character. ITAT directed AO to recompute capital gains on 50% share only, as property was jointly owned with spouse per sale deed. Case-Laws Income Tax Fri, 20 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773721