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Implications of failure to report capital gain

This query is : Resolved 
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(Querist)
17 September 2013 Dear Experts,

An individual sold his self use residential property and invested the entire sale consideration to immediately buy another self use residential property. Under common sense understanding of not gaining any monetary benefits from the transaction (ie no surplus saved/ gained), he failed to report the transaction in his ITR.

As the case has been selected for scrutiny assessment, what can be the likely implications (time limit for revised return is over).

Thanks in advance
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Dintakurthi Tirumala

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Dintakurthi Tirumala (Expert)
17 September 2013 with the enclosure of exempted documents write a letter to the AO from where you received notice with requesting con- donation for the mistake in ITR.

OM SAI SRI SAI JAI JAI SAI
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
19 September 2013 Let the AO raise this issue and at that time you can explain that there was no capital gains as the transaction is exempted u/s 54F(1) & (4)
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