Shahnaz Khan vs. ITO

Parties Involved

Facts Summary

Shahnaz Khan, the appellant, filed an appeal against the order of the National Faceless Appeal Centre, Delhi dated 26/06/2024 for the assessment year 2011-12. The appellant was dissatisfied with the reassessment order passed by the Income Tax Officer (ITO) under section 144 of the Income Tax Act. The appellant raised grounds challenging the legality of the notice issued under section 148, the invoking of section 50C, and the computation of capital gain. The appellant argued that the notice was issued beyond the statutory time limit and without quoting the Permanent Account Number (PAN). The appellant also contested the valuation of the property under section 50C and the computation of capital gain.…

Legal Issues

• 1. Whether the notice issued under section 148 was within the statutory time limit and correctly quoted the PAN?
• 2. Whether the invoking of section 50C was justified?
• 3. Whether the cost of acquisition of the property was correctly computed?

Judgment Outcome

Decided in favour of Partly Assessee.

Precedents Relied Upon

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