2026 (7) TMI 1018

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....he facts of the case are that the assessment in this case was completed u/s. 147 r.w.s. 144 r.w.s. 144B of the Income Tax Act, 1961 ('the Act'), vide order dt. 12-12-2023, wherein the AO has brought to tax a sum of Rs. 42,50,000/- as Short Term Capital Gains u/s. 45 of the Act in absence of any explanation/evidences submitted by the assessee in respect of sale of immoveable property as well as cost of acquisition. The assessee thereafter carried the matter in appeal before the Ld.CIT(A), who has since dismissed the appeal on account of delayed filing and against the said order, the assessee is in appeal before us. 3. During the course of hearing, the Ld.AR submitted that re-assessment order and consequential demand notice came to the not....

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....Gain and, therefore, the addition of Rs. 42,50,000/- made by the AO deserves to be set aside since the sale consideration equals to the cost of acquisition and in terms of section 45(1) r.w.s. 49(1) of the Act, no short term capital gain has arisen. 5. It was further submitted that in the case of assessee's husband, the matter was re-opened and assessment was completed u/s. 147 r.w.s. 144B of the Act vide order dt. 16-03-2024, wherein exactly the same transaction has been duly examined by the AO and there is a clear finding that selling price and purchase price of the immoveable property was exactly the same and there is no income under the head 'capital gains'. In this regard our reference was drawn to the findings of the AO, which read....