Date Filed: February 18, 2019
Assessment Year: 2009-10
Order Type: Final Tribunal Order
Date of Order: April 20, 2023
Pronounced On: April 20, 2023
This case pertains to Chandra Prabha’s appeal against the revisional order issued by the Principal Commissioner of Income Tax, Ghaziabad regarding the assessment year 2009-10.
The appeal challenged the order dated December 27, 2018, which was a revision under Section 263 of the Income Tax Act, claiming it was erroneous and prejudicial to the interest of the taxpayer. The core issue revolved around the reassessment related to property transactions and the application of Section 50C and Section 55A of the Income Tax Act.
The tribunal noted significant details including that the property transaction was between Chandra Prabha and her husband, where no actual monetary consideration was involved, and was intended as a restoration of property rights. The original purchase was made by her husband, and an incorrect deed execution was rectified without financial exchange, questioning the applicability of capital gains tax.
The Income Tax Appellate Tribunal, after reviewing submissions and the revisional order, supported the assessee’s position. It was concluded that the revisional order under Section 263 by the Pr. CIT was not warranted as the Assessing Officer had made adequate inquiries and understood the transaction’s nature. Thus, the appeal was allowed, and the revisional order was quashed.
Tax Assessment Challenge Resolved: ITA 1347/DEL/2019 – Chandra Prabha vs. Pr. CIT, Ghaziabad
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