TaxTMI 
TaxTMI 
2025 (6) TMI 717
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....n the basis of information available from the Office of the Registrar for properties in Patna District as requisitioned after obtaining prior approval from the competent authority u/s 133(6) of the Income Tax Act, 1961, wherein it was noticed that the assessee has entered into a registered land development agreement with M/s Azalfa Building Construction Pvt. Ltd., Patna (The Developer), in the Financial Year 2014-15 relevant to the Assessment Year : 2015-16 under the terms and conditions laid down that the rights of ownership of the land is transferred by the Land Owner against receipt of ownership of a portion of property constructed while the remaining portion of the constructed property is apportioned by the builder against the cost of d....
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....6,44,500/- and no capital gain is paid on account of this development agreement. Therefore, the capital gain arising out of this agreement of development valued at Rs. 86,44,500/- has escaped assessment. Keeping in view of the transaction amount for the A.Y. 2015-16, notice u/s 148 issued on 10.01.2019 to the assessee. In view of the above facts and circumstances as well as position in law, looking into escapement of income from capital gain, the case of Smt. Kaushalya Devi was reopened u/s 147 of the Income Tax Act, 1961 for the A.Y. 2016- 17 with the prior approval of the Joint Commissioner of Income Tax, Range-6, Patna. Subsequently, a notice u/s 148 was issued to the assessee on 10.01.2019. In response to the notice u/s 148, no complian....
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....rial available on record and also considering the merits of the case. Finally, ld. Assessing Officer assessed the Total Income of the assessee at Rs. 96,44,500/- u/s 144 r.w.s. 147 of the I.T. Act, 1961. On being aggrieved, the assessee preferred an appeal before the ld. CIT(Appeals). 3. The ld. CIT(Appeals) has given several opportunities to the assessee to substantiate her claim, but the appellant neither filed the written submission nor represented the case before the ld. CIT(Appeals). Thereafter the ld. CIT(Appeals) dismissed the appeal ex-parte on 3rd April, 2024. 4. On being aggrieved, the assessee preferred an appeal before the ITAT. 5. At the time of hearing, ld. Counsel for the assessee prayed before the Bench that the impugned ....