2025 (8) TMI 284

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....assessment order passed by Assessing Officer under section 147 r.w.s. 144 r.w.s. 144B of the Act dated 25.03.2023 for assessment year 2018-19. The assessee has raised the following grounds of appeal: "1. The Hon'ble PCIT ought to have waited till the appeal of the assessee before Hon'ble CIT(A) could be disposed off. An order passed u/s 263 without taking cognizance of a pending appeal before Hon'ble CIT(A) is bad in law and erroneous. The Hon'ble PIT ought to have considered the facts evident from the Tax Audit report filed by the assessee and arguments put forward by the assessee in Form 35 before coming to the conclusion that income be added u/s 68 instead of being taxed under the head "income from capital gain". As the ingredients lai....

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....esponse to notice under section 148, nor filed any submission in response to various show causes notices. Assessment was completed under section 144 rws 147 & 144B on 29.03.2022. In the assessment order, the Assessing officer treated the sale consideration of Rs. 1.08 Crore as Capital Gain. The assessment was revised by Ld. PCIT by taking view that the assessee has not furnished any details of immovable property nor offered any income on sale of property despite allowing opportunity and the sale consideration was to be added under section 68 of the Act and to be charged @ 30% instead of 20%. The Assessing Officer suo moto considered sale consideration as capital gain and taxed accordingly. The order of Ld. PCIT was erroneous and prejudicial....