https://www.taxtmi.com/caselaws?id=776764 ITAT upheld initiation of reassessment under s.147, finding nondisclosure of an immovable-property transfer in the return justified reopening. The tribunal directed the AO to verify whether Rs. 5,00,000 paid by cheque in May 2010 was paid to the original owners; if so, allow deduction under s.48 from the deemed sale consideration in computing capital gains. Noting the assessee was ex parte before AO and CIT(A) and failed to prosecute, the ITAT nonetheless restored the matter to the AO for fresh adjudication and allowed the appeal for statistical purposes. en-us Thu, 13 Feb 2025 00:00:00 +0530 Mon, 18 Aug 2025 15:13:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776764 ITAT upheld initiation of reassessment under s.147, finding nondisclosure of an immovable-property transfer in the return justified reopening. The tribunal directed the AO to verify whether Rs. 5,00,000 paid by cheque in May 2010 was paid to the original owners; if so, allow deduction under s.48 from the deemed sale consideration in computing capital gains. Noting the assessee was ex parte before AO and CIT(A) and failed to prosecute, the ITAT nonetheless restored the matter to the AO for fresh adjudication and allowed the appeal for statistical purposes. Case-Laws Income Tax Thu, 13 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776764