2023 (12) TMI 501

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...., the assessee is a resident individual. Information was received by the Assessing Officer indicating that in the year under consideration, the assessee had sold an immovable property for a consideration of Rs.62,06,000/-. Based on such information, the Assessing Officer reopened the assessment under section 147 of the Act. In response to the notice issued under section 148 of the Act, the assessee filed her return of income declaring income of Rs.6,42,470/-, which was the income declared in the original return of income. 3. In course of assessment proceedings, the Assessing Officer called upon the assessee to furnish the details of the properties sold and the resultant capital gain. In response, the assessee furnished all the details re....

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.... 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 objecting to the proposed action under section 263 of the Act. However, rejecting assessee's submission learned PCIT set aside the assessment order with a direction to disallow the deduction claimed under section 54 of the Act, as, the assessee has failed to deposit the capital gain amount in capital gain account scheme. 5. We have considered rival submissions and perused the materials on record. From the order sheet maintained by the Assessing Officer in the assessment record, it is evident that in course....