MIRA BHAVIN MEHTA Vs. INCOME TAX OFFICER WARD

JUDGEMENT

(1.) Rule. Rule made returnable forthwith and heard. As the pleadings are completed, this court, by consent of the parties has taken up the matter for final hearing.

(2.) Petitioner, an individual, filed return of income on 28 th August 2018 for AY-2018-19 declaring total income of Rs.26,26,220.00. Petitioner, thereafter, received a notice dated 28 th September 2019 issued under Sec. 143(2) of the Income Tax Act 1961 (the Act) stating that return of 2/8 912-wp-3246-22.doc income has been selected for limited scrutiny with regard to investments in immovable property, capital gains / income on sale of property. Petitioner was called upon to submit evidence with regard to the two issues raised. Thereafter, petitioner received a notice dated 12 th December 2019 issued under Sec. 142(1) of the Act calling upon petitioner to provide documents and details with regard to capital asset that was sold during the assessment year. Petitioner vide its Chartered Accountant's letter dated 11 th December 2020, provided details of the property sold, consideration received, etc., the property being Flat No.802, 8 th floor of Boulevard-III, Ghatkopar (West), Mumbai 400086 (the said flat). Later, petitioner received one more notice dtd. 16/2/2021 issued under Sec. 142(1) of the Act, seeking details with regard to same property. Once again, vide petitioner's Chartered Accountant's letter dated 17 th February 2021, petitioner provided all details and documents.

(3.) An assessment order came to be passed on 28 th April 2021, in which, it is stated that the case was selected for limited scrutiny assessment on the issues relating to investments in immovable property, capital gains / income on sale of property and in view of material available on record, no addition on the issues is made. The assessment order also states that the assessment is passed accepting the income computed as per order under Sec. 143(1) of the Act.