TaxTMI 
TaxTMI 
2023 (12) TMI 501
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....ra Jyoti Chakraborty, CIT (DR) ORDER PER SAKTIJIT DEY , VICE-PRESIDENT The present appeal of the assessee arises out of order dated 22.03.2022 passed by learned Principle Commissioner of Income Tax (PCIT), Ghaziabad, under section 263 of the Act for the assessment year 2012-13. 2. Briefly the facts are, the assessee is a resident individual. Information was received by the Assessing Officer....
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....er that the property was under the joint ownership of the assessee and another coowner and was purchased for an amount of Rs.20 lakhs, out of which, assessee's share was Rs.10 lakhs. Whereas, the property was sold for a consideration of Rs. 62,06,000/-, out of which the assessee share was Rs. 31,03,000/-. After reducing the cost of acquisition and indexation benefit, the long term capital gain ari....
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....o non - consideration of these facts the assessment order is erroneous and prejudicial to the interest of Revenue. Therefore, she issued a show-cause notice under section 268 of the Act calling upon the assessee to show-cause as to why, the assessment order should not be declared as erroneous and prejudicial to the interest of Revenue and set aside. The assessee furnished a detailed reply objectin....
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....hed written reply, sale deed, copy of purchase of property and computation of capital gain. In the said order sheet, the Assessing Officer has also called upon the assessee to furnish the details of exemption claimed under section 54 with supporting evidences. Thus, as could be seen from the order-sheet entries in the assessment record, the Assessing Officer has duly examined the issue relating to....