TaxTMI 
TaxTMI 
2017 (1) TMI 1248
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....13 challenging the orders passed under section 263 of the Income Tax Act, 1961 ["Act" in short] are erroneous and unsustainable. 2. Brief facts of the case are that the assessee is an individual and Proprietor of M/s. Palm Springs. He is son of Shri Madanlal D. Chawla and Smt. Rekha Chawla. A search under section 132 of the Act was conducted on 10.01.2012 at the business premises at M/s. Palm Springs, Capital Towers, 96/4, 3rd Floor, Near PRN Hospital, Peramanur Main Road, Salem. Based on the search conducted notice under section 153A of the Act was issued to the assessee for the assessment years 2006-07 to 2011-12 and notice under section 142(1) of the Act was also issued for the assessment year 2012-13. In response to the notices, the ....
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....ment year 2012-13 and accordingly he has completed the assessment under section 143(3) r.w.s. 153A of the Act for the assessment years 2010-11, 2011-12 and 2012-13 without making any addition. 3. On verifications of records, the ld. PCIT has noticed that during the course of search conducted under section 132 of the Act on 10.01.2012, in various premises of the assessee group i.e., assessee's business premises, residential premises of assessee's father Shri Madanlal Chawla, and other members of the group, a document at page Nos. 82 to 86 of Annexure ANN/PS/SS/B&D/S-3, dated 10.1.2012 was found and seized. This is an agreement of sale entered into between Smt L. Ammini and Shri Sanjay M Chawla (GPA of Smt. Rekha M Chawla), as vendors on t....
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....the Assessing Officer, for ascertaining about the income earned by the assessee, falling to her share, arising from sale of such plots in that Tharamangalam Village. As stated above, the selling price per square feet of land, in that Tharamangalam Village, during the financial year 2010-11, as per that seized document vide Annexure ANN/PS/SS/B&D/S-3, page nos. 82 to 86 was Rs..800/- per sq.ft. On the basis of such information in the said seized document and considering average inflation @ 20% per year, the selling price during the financial year 2009-10 relevant to assessment year 2010-11 was adopted at Rs..640/- and accordingly applying such rate of Rs..640/- per sq.ft, the sale consideration received from sale of land of 4151.75 sq.ft, in....
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....3, duly signed by Shri K. Meenatchi Sundaram, FCA, Ld. AR of the assessee, received on 20.5.2015 by the ld. PCIT. After considering the submissions of the assessee as well as the provisions of clause (a) of Explanation 2 to section 263 of the Act, the ld. PCIT has directed the Assessing Officer to redo the assessment for the assessment years under consideration. 4. On being aggrieved, the assessee is in appeal before the Tribunal for all the assessment years. By relying on the decision of the Tribunal in the case Shri V.R. Venkatachalam v. ACIT in I.T.A. Nos. 2634 to 2639/Mds/2014 dated 17.07.2015, the ld. Counsel for the assessee has submitted that the ld. PCIT has erred in invoking the provisions of section 263 of the Act and directed ....
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....Annexure ANN/PS/SS/B&D/S-3, dated 10.1.2012 was found and seized during the course of search, which is an agreement of sale entered into between Smt L. Ammini and Shri Sanjay M Chawla (GPA of Smt. Rekha M Chawla), as vendors on the one hand and Smt Rathinammal, as vendee on the other hand, signed on 18.3.2011, for sale of plots in Tharamangalam Village measuring 13136 sq.ft, for a consideration of Rs..1,05,09,000/- @ Rs..800/- per sq. ft. As per the information gathered during the scrutiny assessment, Shri Sanjay M Chawla purchased the property located in Tharamangalam Village, Salem, jointly with Smt. L. Ammini, wife of Shri A. Loganathan of Salem, during May 2008. Further, Smt. Rekha Chawla, the mother of the assessee and her POA also pur....
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....t, 2015 w.e.f. 01.06.2015, which reads as under :- "Explanation 2.-For the purposes of this section, it is hereby declared that an order passed by the Assessing Officer shall be deemed to be erroneous in so far as it is prejudicial to the interests of the revenue, if, in the opinion of the Principal Commissioner or Commissioner,- (a) the order is passed without making inquiries or verification which should have been made;" 6.2 As relied on by the ld. Counsel for the assessee in the case of Shri V.R. Venkatachalam v. ACIT (supra), it was a fact that the Assessing Officer proposed that the assessment completed under section 153A of the Act be revised under section 263 of the Act as the Assessing Officer could not examine the issues d....