2017 (2) TMI 513

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....ani for the respondent ORDER P. C. 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 27th September, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2003-04. 2. This appeal raises the following question of law for our consideration : "(A) Whether on the facts a....

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....ection 143(3) of the Act in regular assessment proceedings have in fact dealt with the very issue of computation of long term capital gains on transfer of land development rights on application under Section 50C of the Act. 4. The reasons in support of notice as reproduced in the impugned order of the Tribunal reads as under : "In this case the assessment order for Assessment Year 2003....

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....e extent of Rs. 1,27,14,993/. Perusal of the case records reveal that the assessee by its own admission during the entire course of appellate proceedings in respect of invocation of the provisions of section 50C for computation of capital gains has consistently maintained that as it has sold only the LDRs. and not the land it is still the owner of the land. The deduction of indexed cost o....

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....sessing Officer to issue reopening notice under Section 148 of the Act. The Assessing Officer while issuing notice for reopening of the assessment has to strictly satisfy the requirements of the Act. A reopening of an assessment seeks to unsettle issues which have been decided and therefore the same can only be sustained if it satisfies the requirements of Sections 147/148 of the Act completely. T....