BOKAM SANYASI NAIDU,VISAKHAPATNAM vs. INCOME TAX OFFICER, WARD(INTERNATIONAL TAXATION), VISAKHAPATNAM
In the result, appeal of the assessee is allowed
ITA 36/VIZ/2023[2016-17]Status: DisposedITAT Visakhapatnam31 Oct 2023AY 2016-17
Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./ I.T.A. No.36/Viz/2023 ("नधा"रण वष" / Assessment Year :2016-17) Bokam Sanyasi Naidu, Vs. The Income Tax Officer, Visakhapatnam. Ward (International Taxation) Pan: Aiwpb 3717 D Visakhapatnam. (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ" क" ओर से/ Assessee By : Sri Gvn Hari, Ar ""याथ" क" ओर से / Revenue By : Dr. Satya Sai Rath, Cit-Dr
For Appellant: Sri GVN Hari, ARFor Respondent: Dr. Satya Sai Rath, CIT-DR
Section 143(1)Section 143(2)Section 144C(5)Section 148Section 5(2)(a)Section 50CSection 54E
capital gains. Further, the assessee also claimed an amount of
Rs. 1,14,43,118/- as exempt income. The return of income was
summarily processed U/s. 143(1) of the Act. During the scrutiny
proceedings, as per the information available on record, the Ld.
AO observed that the assessee along with other three persons
sold certain properties for a total
