Find
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.
ITR
Transaction already reported in the original return
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Provisions
Sec 148A (now Sec 281); Sec 147 (now Sec 279)
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.
Close
- Download the original return and acknowledgement.
- Mark where the transaction was reported.
- Reconcile gross value with gain.
- Reply attaching return pages and source statement.
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