Answer

1. F

   Facts

   If the income was already offered to tax in the original return, there is no escaped income. This is the strongest answer to a reassessment show cause. Point to the schedule and attach the return.

2. P

   Provisions and law

   • Sec 148A (now Sec 281)Before a Sec 148 notice, the officer must share the information, give a show cause notice and pass a reasoned order
   • Sec 147 (now Sec 279)If income chargeable to tax has escaped assessment, the officer may assess or reassess it
3. A

   Analysis

   Reopening under Sec 147 (now Sec 279) needs income that escaped assessment. Show the redemption of, say, ₹22 lakh with a gain of ₹1,40,000 in Schedule CG of the return, and attach the fund statement. Often the trigger is AIS showing gross redemption value, which officers sometimes treat as income. A clear reconciliation usually leads to an order that it is not a fit case.

4. C

   Conclusion

   1. 1Download the original return and acknowledgement.
   2. 2Mark where the transaction was reported.
   3. 3Reconcile gross value with gain.
   4. 4Reply attaching return pages and source statement.

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.