TaxTMI 
TaxTMI 
2016 (1) TMI 460
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...., claiming the following substantial questions of law:- i) Whether on the facts and in the circumstances of the case, the Hon'ble ITAT is right in law in holding that twin conditions of order being erroneous and prejudicial to the interest of revenue did not exist? ii) Whether on the facts and in the circumstances of the case, the Hon'ble ITAT is right in law in ignoring the position of law that incorrect assumption of facts by the Assessing Officer that five other claimed co-owners had legal rights in the property and these legal rights were transferred by the subject sale of flat, renders order of AO as erroneous? iii) Whether on the facts and in the circumstances of the case, the Hon'ble ITAT is rig....
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....me Tax (for brevity "the CIT") on examining the assessment record found the assessment order dated 21.10.2008 passed by the Assessing Officer under Section 143(3) of the Act as erroneous as well as prejudicial to the interest of the revenue. The CIT vide order dated 7.3.2011 (Annexure A-II) passed under Section 263(1) of the Act set aside the aforesaid order of the Assessing Officer holding that the property in question was solely owned by the assessee and has to be assessed in his hands alone. Further, the CIT had held the order of the Assessing Officer to be erroneous and prejudicial to the interest of the revenue and directed the Assessing Officer to make fresh assessment on all the issues after affording due opportunity of hearing to th....
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.... 1/6th share in the sale consideration which had been properly taxed in the hands of the assessee by the Assessing Officer. Further, the finding of the CIT that the entire capital gains arising out of sale was required to be assessed in the hands of the assessee alone was not accepted by the Tribunal and the view taken by the Assessing Officer was accepted as correct. The findings recorded by the Tribunal read thus:- "5. Reverting to the facts of this case, we have found that the assessee filed his return of income for the year under consideration declaring total income of Rs. 7,07,090/- on 28.11.2006. The assessee has been pursuing his profession of medical practitioner as proprietor of M/s Sangwan Nursing Home. The assessee has s....
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....y was explained as under was produced: i. R.S. Sangwan HUF Bank Draft No. 530788 dated 10.1.1983 from S.B. A/c No. 17107 of PNB : Rs. 34,000/- ii. R.S. Sangwan Bank Draft No. 98996 dated 10.1.1983 from S.B. A/c No. 4900 of PNB : Rs. 20,000/- iii. Smt. Savitri Sangwan HUF Bank Draft No. 98997 from S.B. A/c No. 5203 of PNB : Rs. 10,000/- iv. Shri Amar Sangwan Bank Draft No. 98995 dated 10.1.1983 from S.B. A/c No. 10063 of PNB : Rs. 15,000/- v. Cap. Karen Singh Sangwan Bank Draft No. 5176710 dated 10.1.1983 from New Bank A/c No. 12228 of PNB : Rs. 10,000/- vi. Rent from Ghana Embassy for fitting and fixture for the quarter Jan to March, 1983 through Mrs. Savitri Sangwan dated 12.1.1983 : Rs....