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December 2024

Reassessment — New procedure — Initial notice and order for issue of notice — Issue of notice after three years — Monetary limit — Assessee’s receipt of sale consideration as co-owner less than threshold limit of ₹50 lakhs — Initial notice and order quashed.

By Keshav Bhujle | Ritu Punjabi, Advocates
Reading Time 2 mins

66 PramilaMahadevTadkase vs. ITO

[2024] 468 ITR 275 (Kar)

A.Y.: 2016–17

Date of order: 7th December, 2023

Ss. 147, 148A(b), 148A(d) and 149 of ITA 1961

Reassessment — New procedure — Initial notice and order for issue of notice — Issue of notice after three years — Monetary limit — Assessee’s receipt of sale consideration as co-owner less than threshold limit of ₹50 lakhs — Initial notice and order quashed.

The assessee was issued an initial notice u/s. 148A(b) of the Income-tax Act, 1961 for reopening the assessment of the A.Y. 2016–17 u/s. 147 on the grounds that the assessee sold a property. The assessee stated that she was a non-resident, that she and her husband purchased an immovable property in the year 1996 and sold it in the year 2015 for a total consideration of ₹69,30,000, that the tax at source was deducted by the purchaser and that because her husband did not have a Permanent Account Number, the corresponding tax deducted at source was uploaded to her Permanent Account Number.

The Karnataka High Court allowed the writ petition filed by the asses

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