2026 (3) TMI 456

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....of the Income Tax Act, 1961 (in short 'the Act'). 2. The brief facts of the case are that the assessee did not file its return of income for A.Y. 2018-19. The case of the assessee was reopened u/s.147 of the Act to verify the purchase of immovable property for a consideration of Rs. 2,30,00,000/-. In the course of assessment, the AO found that the assessee has purchased only one property for a consideration of Rs. 46,00,000/-, which was reported five times by the reporting authority and accordingly the total consideration was appearing at Rs. 2,30,00,000/- in form 26AS. Since, the actual investment made by the assessee in the immovable property was to the extent of Rs. 46,00,000/- only, the AO had completed the assessment without making ....

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....he proceedings u/s.263. (II) Merits: (1) With the appellant having explained the source by tendering bank statements as well as nature of income, prima facie, there is no merit in sending the order for revision. (2) With the application of funds intrinsically linked with the purchase of immovable properties, the assessee is even otherwise entitled to claim property purchased as application there is no merit sans non-application of section 68 to section 12A registered Trust as per the settled position of law." 4. Shri Hiren R. Vepari, CA, Ld. AR appearing for the assessee submitted that the issue of investment in the immovable property was already examined by the AO in the course of assessment proceeding. The AO....