VENUGOPAL REDDY GELIVI,HYDERABAD vs. ITO (INT TAXN)-1, HYDERABAD

प्रति रवीश सूद, जे.एम./PER RAVISH SOOD, J.M.

The present appeal filed by the assessee is directed against the order passed by the Commissioner of Income-Tax (Appeals) 10, Hyderabad, dated 29.10.2024, which in turn arises from the order passed by the Assessing Officer (for short “A.O.”) under Section 147 r.w.s. 144 of the Income Tax Act, 1961 (for short “the Act") dated 27.04.2023 for A.Y. 2015-16.

Succinctly stated, the A.O. observed that the assessee along with three other co-owners, had during the subject year sold an immovable property viz. House No.SRT-267, bearing Municipal No.7-2-488, admeasuring 150 Sq.yards (equivalent to 125.42 Sq.mtrs), situated at Industrial Housing Colony, Sanatnagar, Hyderabad, vide a Sale Deed Document No. 2340 of 2014, dated 10.12.2014, which was registered with the office of the Joint Sub-