TaxTMI 
TaxTMI 
TaxTMI 
2015 (8) TMI 321
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.... for Assessment Year 2003-04 vide his order dated 15.12.2009.2. The only issue in this appeal of revenue is against the order of CIT(A) quashing the reassessment framed by AO u/s. 147 r.w.s. 143(3) of the Act. For this, revenue has raised following two grounds: "1. For that on the facts and circumstances of the case, the Ld. CIT(A) erred in law as well as in fact for not taking into cognizance the entire facts and circumstances of the case and deciding in favour of the assessee by holding that the order u/s. 147 dated 15.12.2009 was ab initio void. 2. for that on the facts and circumstances of the case, the documentary evidence on record not having clearly established that the assessee had fully disclosed the material facts at the time of....
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....d by the company. But due to paucity of funds the assessee could not pay the amount of Rs. 28,94,000/- to the company, even though, more than 10 years have passed. Therefore, the assessee entered into another agreement with the company on 01-04-2002 wherein she agreed to sell the residential building along with land to the company for a consideration of Rs. 66,40,000/-. As the company was unable to pay the said sum of Rs. 66,40,000/- immediately and have the land transferred in its name, the company proposes to pay the total consideration of Rs. 66,40,000/- in monthly instalments of Rs. 83,000/- per month spreading over 80 months. It was agreed that as and when the total sum of Rs. 66,40,000/- is received in full by the assessee from the co....
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....ad obtained all the necessary details and particulars including copies of agreement dated 07-04-1988 (wrongly mentioned by the AO as 07-04-1998 in original assessment order and also wrongly mentioned by CIT(A) also) and agreement dated 01-04-02 together with copies of Deed of sale and balance sheet and also copy of ledger account of Falakata Industries Ltd. etc, as is evident from 2nd para of page-2 of the assessment order dated l0-11-2005. Before completion of assessment u/s. l43(3) of the Act, the AO made necessary enquiries and in this connection a detailed reply was submitted before him vide letter dated18-l0-2005. From this letter dated 18-10-2005 it is clear that AO had obtained a detailed reply together with copies of agreements.The ....
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.... 9 pieces of land I sold 5 pieces of land containing 13 katha each to FIL in the year 1988 for which adequate disclosures were shown in my return in the relevant year. On this five pieces of land FIL constructed factory building for setting up a Flour Mill having a total capacity of 40,000 MT per annum. '- ii) On the balance 4 pieces of land, FIL and myself constructed residential house for the residence of the directors of FIL. Full details of this 4 pieces of lands are enclosed herewith for your verification. Your honour will appreciate that the said land is adequately shown in my balance sheer filed along with the return. iii) By virtue and agreement dt.07 -04-1988 with M/s. Falakata Industries Ltd I allowed the said company to con....
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....ther, on the issue involved, the AO had mentioned in the order u/s. 143(3) dated 10.11.05 as under; "the AR of the assessee also submitted copies of the agreement dt. 07.04.88 and 01.04.02 entered into with M/s. Falakata Industries Ltd. For sale of land at 2nd mile, Sevoke Road, siliguri, for which the assessee is getting payment of Rs. 83,000/- per month since 2002. Copies of the deed of land as per balance sheet also submitted." From the above details, it is clear that complete detail regarding this transaction was available before the AO at the time of framing of original assessment u/s. 143(3) of the act. Now question arises whether in such situation reopening u/s. 147 of the Act beyond four years is possible or not. 5. We find that ....