2023 (12) TMI 987

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....al asset and petitioner was liable to pay tax thereon, petitioner did not pay any tax on short term capital gain because petitioner was advised that as the flat was a residential flat and in the same year petitioner had purchased another flat, no income was chargeable to tax. 2. Petitioner received a show cause notice dated 10th February 2023 under Section 148A(b) of the Income Tax Act, 1961 (the Act) for Assessment Year 2016-2017. The information, on which reliance was placed, read as under : Information code Information Description Source Amount (Rs.) AIR-007 Sold immovable property valued at Rs. 30,00,000 or more REJSTRATION RF DEPARTMENT 36,51,000 AIR-000 Purchased immovable property valued at Rs. 30,00,000 or more REJ....

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.... year under consideration the assessee has purchased only one property. Hence the source of investment for purchase of property for the consideration of Rs. 35,00,000/- remains unexplained. 3. As regards, the purchase of property for the consideration of Rs. 35,00,000/- on 15.03.2016, the assessee has submitted the source of investment as Rs. 30,00,000/- loan taken from Bank of Baroda. In supporting of the same the assessee has submitted the loan statement of Bank of Baroda from 08.06.2016 to 25.06.2020. The Balance payment of Rs. 5,00,000/- made through Bank account of the assessee. In supporting of the same the assessee has enclosed copy of relevant page of Bank statement of her brother. 4. As discussed above the Capital gain of Rs.....