TaxTMI 
TaxTMI 
2024 (8) TMI 49
X X X X Extracts X X X X
X X X X Extracts X X X X
....for the Petitioner Mr. Suresh Kumar , for the Respondents - Revenue ORDER PC : - 1. Petitioner, a non-resident Indian individual, is challenging a reopening notice dated 31st March 2021 issued under Section 148 of the Income Tax Act, 1961 ("the Act") as also an order dated 19th January 2022 by Respondent No.1 rejecting Petitioner's objections. 2. Petitioner and her spouse were joint owners ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....der Section 143(2) of the Act informing Petitioner that the Department has decided to conduct a limited scrutiny with regard to interest income and mismatch in income/capital gain on sale of land or building. Petitioner was also issued another notice dated 26th September 2017 seeking clarification on various points/issues, one of which was details regarding sale/purchase of immovable property duri....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n for such a belief was also provided to Petitioner and it relates only regard to the capital loss booked by Petitioner. The AO was not agreeing with the indexed cost disclosed by Petitioner in the ROI. According to the AO, instead of a loss of Rs.34,62,446/- in the sale of the flat, there is a capital gain of Rs.88,277/-. We have considered the reason to believe and it is based on records filed b....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ued thereunder, the proviso to Section 147 of the Act will not be applicable. It is an incorrect stand because the AO in the notice issued under Section 148 of the Act states that it has been issued after obtaining the necessary satisfaction of the Commissioner of Income Tax, ("CIT") Pune. If it was within four years, he would not have taken the approval of the CIT and he would have taken the appr....