TaxTMI 
TaxTMI 
2009 (7) TMI 828
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....ustified in passing the impugned assessment order and the learned CIT(A), Jodhpur did not justify in sustaining the same. 2. That without any prejudice to the first ground of appeal, the appellant appeals that under the facts and circumstances of the case, the order passed by the AO under s. 143(3)/148 is bad in law and deserves to be quashed. The learned CIT(A), Jodhpur did not justify in sustaining the impugned assessment order. 3. That without any prejudice to the aforesaid grounds of appeal, under the facts and circumstances of the case, the AO and the learned CIT(A), Jodhpur erred in not considering the assessee's objection that the value adopted by the stamp valuation authority exceeded the market value of the property as on the dat....
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....sales proceedings (proceeds) of the land Rs. 3,00,000 in which share of assessee is Rs. 2,00,000. However, the Registrar has valued the market rate of the property sold at Rs. 11,96,250. Thus 2/3 share of the assessee comes to Rs. 7,97,500 by way the assessee has wrongly declared the value by Rs. 5,97,500 (Rs. 7,97,500 - Rs. 2,00,000). The assessee was under obligation to take sale consideration under s. 50C of IT Act at Rs. 7,97,500. If effect index cost is given capital gain of the assessee comes to Rs. 6,12,500 (Rs. 7,97,500 - Rs. 1,85,000). Therefore, it is proposed to take action under s. 148 of IT Act as the case has been assessed under s. 143(3), sanction for issue of notice under s. 148 has been obtained vide Jt. CIT, Nagaur, letter....
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.... (Del)(FB). 5. On the other hand, learned Departmental Representative, opposing the contentions raised by the assessee, states that the AO had recorded valid reasons and taken approval from the superior authority. Assessment record has also been produced before assessing authority to show that the assessee had placed copy of sale deed executed before the Sub-Registrar for sale of the land under consideration in regular assessment proceedings. This fact, however, did not preclude the assessing authority to take action under s. 148 of the IT Act as the application of mind to the material facts has been made on a subsequent date. After the assessing authority found that there is no discussion on this aspect in the regular assessment order, ac....
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....the notice under similar circumstances, has expressed its opinion as under: "We also cannot accept submission of Mr. Jolly to the effect that only because in the assessment order, detailed reasons have not been recorded on analysis of the materials on the record by itself may justify the AO to initiate a proceeding under s. 147 of the Act. The said submission is fallacious. An order of assessment can be passed either in terms of sub-s. (1) of s. 143 or sub-s. (3) of s. 143. When a regular order of assessment is passed in terms of the said sub-s. (3) of s. 143, a presumption can be raised that such an order has been passed on application of mind. It Is well-known that a presumption can also be raised to the effect that in terms of cl. (e) o....