2026 (1) TMI 295

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....ised the following grounds of appeal: 1) That the Learned CIT (Appeals) has erred in not declaring the Assessment made u/s 147 r/w Section 144B invalid as there was no Reason to believe that Income has escaped Assessment. 2) That the Reason recorded for Reopening of Assessment u/s 147 was that Appellant had entered into a Joint Development Agreement (JDA) having a Document value of Rs. 1,76,00,000/- and did not offer the Capital Gains in her Return of Income, but since no such JDA was entered into by the Appellant the Reopening of Assessment was bad in law as there was no Reason to believe that Income has escaped Assessment and the learned CIT(Appeals) erred in not annulling Reassessment Order. 3) That since the J....

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....ed CIT(Appeals) erred in not deleting the entire addition of Rs. 1,76,00,000/- made towards alleged Capital Gain, instead of restricting the addition to 1,53,45,000/-. 7) That the Appellant craves leave to add, modify or delete any Grounds of Appeal. sd/- Appellant Hyderabad 06.08.2025 3. The brief facts of the case are that the assessee is an individual who filed her return of income for the Assessment Year 2016-17 declaring total income of Rs. 3,05,700/-. The case of the assessee was reopened under section 147 of the Income Tax Act, 1961 ("the Act"), as the Learned Assessing Officer ("Ld. AO") observed that the assessee had not declared capital gain arising from an alleged Joint Development Agreement ("....

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..... 680/2016 and 685/2016, dated 25.02.2016 and made the said addition. The Ld. CIT(A) explained that Document No. 680/2016 on the basis of which the addition was made by the Ld. AO relates to the assessee's husband. However, the Ld. CIT(A) contending that Document No. 685/2016 belongs to the assessee, reduced the addition to Rs. 1,53,45,000/-. The Ld. AR further submitted that the document No.680/2016 finally relied on by the Ld. CIT(A) for sustaining the addition of Rs. 1,53,45,000/- is only a GPA, executed by four joint owners of a house property in favour of the assessee, authorizing her to act on their behalf. In this regard, the Ld. AR invited our attention to page nos. 26 to 34 of the paper book and demonstrated that the document i....