Assessee sold immovable property comprising of industrial plot of land along with industrial shed (building) constructed thereon. Assessee filed return disclosing LTCG on sale of non-depreciable land and STCG on building. Assessing Officer on the basis of information receiving information from Investigation Wing with respect to purchase of land observed that the assessee had not shown capital gains from sale of land in return of income.. Accordingly issued the notice under section. 148 of the Act. On writ allowing the petition the Court held that since assessee had already disclosed sale consideration from transaction and had bifurcated said amount under head building and under head land and furthermore assessee had also paid STCG and LTCG, it could not be said that taxable income had escaped assessment. Accordingly the notice and order disposing the objection was quashed. (AY. 2014-15)
Apex Remedies (P.) Ltd. v. ITO (2023) 294 Taxman 215 /(2024) 462 ITR 114(Guj.)(HC)
S. 147 : Reassessment-After the expiry of four years-Unexplained investments-Sale of land-Depreciable assets-Information from investigation wing-Sale consideration n was disclosed in the return-Reassessment notice and order disposing the objection was quashed. [S. 48, 50C, 69A, 143(1), 148, Art.226]