TaxTMI 
TaxTMI 
2026 (9) TMI 1454
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.... The Ld. Commissioner of Income-Tax Ld. CIT (Appeals has erred in law and facts on records in rejecting the Appellants application under rule 46A (submitted along with all documents and detailed reasoning & justification due to migration from Bareilly (UP) to Thane (Maharashtra) by highly influencing himself from AOs remand report and consequently confirmed the validity of reassessment proceedings instead of set aside of assessment as per section 251(1)(1), Proviso to the AO for de-novo assessment. 2. The appellant strongly objects to the Ld. CIT (Appeals)s statement thus- a letter dated 15.07.2025 has been issued to the assessee requesting to file additional evidences in support of his claim and submit further details in respo....
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....facts on record in upholding/ confirming the A.O.s addition of entire sale consideration of Rs. 1,53,55,000 by invoking section 69A and entire purchase consideration of new flat Rs. 68,39,647 by invoking section 69 of the Act and raising of total demand of Rs. 3,61,28,841 by applying section 115BBE of the Act, by rejecting all arguments of the appellant, instead of assessing Long Term Capital Gain on sale of said flat after allowing deduction for purchase of another flat in accordance with the provisions of the I.T. Act. 3. Ld. Counsel for the assessee, at the outset, submitted that the assessee is an individual lady and widow of Late Shri Kishan Nagpal. The assessee was residing at Bareilly, Uttar Pradesh, and subsequently shifted her r....
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....re and character of the receipt were fully identifiable and evidenced through registered conveyance documents, banking records and TDS records. 6. Ld. Counsel submitted that after the sale of the said property, the assessee purchased another residential flat situated at Dombivli (East), Thane, Maharashtra, by a registered agreement dated 24.05.2018. The total investment in the new residential property, including the purchase consideration, stamp duty, registration charges and other incidental expenses, amounted to Rs. 72,64,025/-. The consideration for acquisition of the new residential property was paid through banking channels from the very same bank account, into which the sale proceeds of the earlier property had been credited, namel....
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....sary compliance would be made before the Assessing Officer. However, owing to the negligence and failure on the part of the said consultant, the relevant evidence and explanations were not furnished before the Assessing Officer. Consequently, the assessment proceedings culminated in an ex-parte assessment u/s 147 r.w.s. 144B of the Act vide order dated 28.02.2023. 10. Ld. Counsel further submitted that in the assessment order, although the Assessing Officer himself recorded that the assessee had sold an immovable property for Rs. 1,53,55,000/- and purchased an immovable property for Rs. 68,39,647/-, he treated the entire sale consideration of Rs. 1,53,55,000/- as unexplained money u/s 69A of the Act and the entire investment of Rs. 68,39....