1.

Details of opportunities given:

Type of Date of Date of Response of Date of Response Remarks, if any

notice/communica notice/com compliance the assessee response, if type
tion munication given received/not received (Full/part/adj
received ournment)
Notice u/s 148 29/03/2023 29/04/2023 Not Received - - -
Notice under 02/08/2023 16/08/2023 Not received - - -
section 142(1)
Notice under 27/10/2023 02/11/2023 Not received - - -
section 142(1)
Non-compliance 03/11/2023 Five Days Not received - - -
letter
Show Cause Notice 09/11/2023 15/11/2023 Not received - - -
under section 144
Centralized 26/10/2023 Immediately Not received - - -
Communication

2. Variation proposed - Yes

2.1 Complete description of issues involved:-

Notice under section 148 of the Income-tax Act, 1961 has been issued to you on 29/03/2023 for the
assessment year 2016-17, whereby you were required to file the return of income for the assessment
year 2016-17 within 30 days. The case has been opened on the basis of following information available
with the Income Tax Department:

“You had sold immovable property for an aggregate consideration of Rs. 76,26,000/- and no
return of income has been filed by you for the assessment year 2016-17”

2.2 Synopsis of all submission of the assessee relating to the issue and indicating the dates of
submission

Details of the opportunities afforded to you to file return for the assessment year 2016-17 and
thereafter for filing the reply with regard to the transactions of sale of property entered into by you has
been given above but you have remained non-responsive; as no return under section 148 of the Income-
tax Act, 1961 has been filed and no reply to the questionnaire issued has been filed. As such, during the
course of assessment proceedings, you did not file any response to the notice as well as
communications issued both electronically and manually. Thus the assessment in this case for the
assessment year 2016-17 is proposed to be completed on the basis of information available on record
on the following lines.

2.3 Summary of information/evidence collected which proposed to be used against it:-

 You had sold immovable property for an aggregate consideration of Rs. 76,26,000/-. The
transactions of transfer of immovable property have been executed in the office of the Sub Registrar No.
2, Nagpur City. Vide notice under section 142(1) of the Income-tax Act, 1961 dated 02-08-2023, you
were asked to file the copies of the sale-deed executed by you in favour of purchaser and also to file the
parent deed (the deed executed in your favour in respect of the properties which have been sold)
alongwith the computation of capital gains. However, no reply has been received from you.

As no details regarding cost of acquisition and date of acquisition of the above said properties
has been provided by you which have been transferred for a consideration of Rs. 76,26,000/- during the
period 01/04/2015 to 31/03/2016. Therefore, it is assumed that the property transferred by you is short
term capital asset within the meaning of section 2(42A) of the Income-tax Act, 1961 and is chargeable to
tax under the head capital gain under section 45 of the Income-tax Act, 1961 which is to be computed
under section 48 of the Income-tax Act, 1961. Cost of acquisition is also taken as nil in the absence of
any reply from you. Accordingly the short term capital gain is computed at Rs. 76,26,000/- which is
computed as under:

1 Sale consideration received Rs. 76,26,000/-

2 Cost of acquisition Rs. Nil
3 Short Term Capital Gain Rs. 76,26,000/-

2.4 Variation proposed on the basis of inference drawn:-

Amount of Rs. 76,26,000/- is proposed to be treated as your income from capital gains under
the head short term capital gain and to be taxed accordingly as per provisions of the Income-tax Act,
1961 along with initiation of penalty under section 271(1)(c) of the Income-tax Act, 1961 for
concealment of particulars of income. Your total income is proposed to be assessed at Rs. 76,26,000/-.

Interest shall also be charged under section 234A and 234B of the Income-tax Act, 1961 along
with initiation of penalty under section 271(1)(c), 271(1)(b) and 271F of the Income-tax Act, 1961.