TaxTMI 
TaxTMI 
2026 (8) TMI 690
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..... 144B of the Act dated 06.04.2023. 2. Briefly stated facts of the case are based on the information received regarding "violation of section 269SS of the Act on the sale of immovable property transaction". The assessee vide document No.1567/2015-16 dated 16.02.2015 sold a non-agricultural immovable property situated at Bangalore for a sum of Rs. 26 lakhs. The assessee has not filed the return of income for the Assessment Year 2016-2017. It was also noticed by the AO that the sale deed revealed that Sub-Registrar has valued the property at Rs. 41,74,678/- and the stamp duty and registration fee is collected accordingly. The learned AO issued a notice under section 148 of the Act on 21.06.2021 for the Assessment Year 2016-2017. Subsequent....
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....ion is taxable in the Financial Year 2014- 15 and not in the Financial Year 2015-16 as contemplated by the Revenue. He also submitted further that the provisions of section 269SS of the Act cannot be applied for the Financial Year 2014-15 as word "specified sum" covering the sale proceeds of land was introduced by Finance Act, 2015 w.e.f. 01.06.2015 and hence cannot be applied to the transactions into by the assessee on 16.02.2015. However, the learned AO contended that the sale deed was registered on 16.05.2015 by the Sub-registrar and since the sale deed is registered in Financial Year 2015-16, assessment needs to be completed for Assessment Year 2016-17. The learned AO therefore being not satisfied with the reply of the assessee consider....
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....9(1)(a) of the Act on the date of issue of notice for reopening the assessment under the facts and in the circumstances of the appellant's case. 4. Without prejudice to the above, the learned CIT(A) erred in upholding the addition of Rs. 27,39,078/- as Long Term Capital Gains without appreciating that the transfer of the property took place on the execution of the sale deed on 16/02/2015 and the mere registration of the sale deed on 06/06/2015 would not amount to transfer of the property during the year under appeal under the facts and in the circumstances of the appellant's case, 5. The learned CIT(A) erred in making the appreciated that the computation of capital gains in terms of section 50C of the Act was bad in law in....
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....ging the order passed u/s. 148A(d) of the Act and notice issued u/s. 148 of the Act both dated 24/06/2022 is not in accordance with the provisions of section 151 of the Act and consequently the subsequent proceedings are invalid and non-est. The learned AR relied on the decision of the Co-ordinate Bench in the case of Shri Rahul Mekha Vs. ITO (International Taxation) in ITA No.813/Bang/2024. 8. Per contra, the learned DR relied on the Orders of the Revenue authorities. 9. We have heard the rival contentions and perused the material available on record. The Taxation and other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 in all cases where the last date for issuance of Notice u/s 148 of the I. Tax Act, stood extended ....
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....ction 149(1)(b) of the Act is extracted below for reference: [Time limit for notice. 149. (1) No notice under section 148 shall be issued for the relevant assessment year,- (a) if three years have elapsed from the end of the relevant assessment year, unless the case falls under clause (b); (b) if three years, but not more than ten years, have elapsed from the end of the relevant assessment year unless the Assessing Officer has in his possession books of account or other documents or evidence which reveal that the income chargeable to tax, represented in the form of asset, which has escaped assessment amounts to or is likely to amount to fifty lakh rupees or more for that year: 12. From the bare reading....