2025 (11) TMI 621

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....t") for Asst Year 2020-21 on 05/06/2025 emanating from Assessment Order dated 24/02/2025 passed U/s. 147 r.w.s 144B of the Act. 2. Submissions of the Ld. AR: The Ld. AR invited our attention to the assessment order dated 24/02/2025 for Asst. Year 2020-21. The Ld. AR submitted that in para 4.2 of the assessment order, the Ld. AO has reproduced the assessee's submission dated 26/08/2024. In this case, the assessee along with her husband had sold a house property viz., Flat No.D-2, located at SR Layout, Murugeshpalya, Bangalore. The Ld. AR submitted that the entire capital gains has been shown by the assessee's husband in his return of income which is mentioned in para 4.2 of the assessment order. The Ld. AR submitted that the assessee i....

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....st. Year 2020-21. The relevant paras 4.1, 4.2 and 4.8 of the assessment order are reproduced as under: 4.1 Complete description of issues (issue wise)- The assessee has received interest income amounting to Rs. 41,724/- and sold immovable property for the sale consideration of Rs. 27,00,000/- during the year under consideration. Since the assessee failed to file return of income, it indicated that the above transaction is un-recorded and not subjected to tax, therefore, proceedings under section 148A was initiated and order passed u/s 148A(d) of the Income tax Act, 1961 (herein after referred to as "the Act') on 29.03.2024. Subsequently, notice under section 148 of the Act, was issued on 29.03.2024. Assessee has filed return of....

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....e above. As the undersigned is under statutory obligation to complete the assessment proceedings on or before 31.03.2025, the undersigned has no other option other than completing the assessment; the assessment is completed as under. Assessee has requested to furnish source of investments in the said immovable property, purchase deed dated 01.10.2007 and documentary evidences for expenses incurred on interiors. Despite being given sufficient opportunities, assessee has failed to furnish any details or documents to explain as to how income from sale of these properties has been offered for taxation. As assessee was the co-owner of the property in question as per sale deed, assessee has to show 50% of the capital gain income....

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....on adopted as per section 50C for the purpose of Capital Gains [in case (al) does not exceed 1.05 times (ai), take this figure as (ai), or else take (ai)] aiii 5400000 b Deductions under section 48   i Cost of acquisition with indexation bi 8244341 ii Cost of Improvement with indexation bii 341339 iii Expenditure wholly and exclusively in connection with transfer biii 100000 iv Total (bi + bii + biii) biv 8685680 c Balance (aiii - biv) 1c -3285680 d Deduction under section 54/54B/54EC/54F/54GB (Specify details in item D below) f In case of transfer of immovable property, please furnish - the following details (see note)     SI No ....