2011 (5) TMI 1072

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.... 263 of the Income Tax Act on the following grounds :-  (1) That the Commissioner of Income Tax was wrong in setting aside the assessment order passed under section 143(3) with the direction to the Assessing Officer to reframe the same de novo. (2) That without prejudice to the contention raised in Ground No. 1 above, the Commissioner of Income Tax was wrong in observing that the assessment order framed by the Assessing Officer had allegedly been erroneous and prejudicial to the interest of revenue. (3) That without prejudice to the contentions raised in Grounds No. 1 & 2 above, the Commissioner of Income Tax was wrong in stating in her order that the appellant would allegedly get selling/ ownership rights on the 50% of the bu....

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.... alleged under-charge of tax. (8) That without prejudice to the contentions raised in Grounds No. 1 to 7 above, the Commissioner of Income Tax was wrong in observing in her order that the submissions made by the appellant before her, had allegedly not been supported by the appellant's own computation submitted during the assessment. 2. We observe that the Assessing Officer completed the assessment under section 143(3) of the Act on 27.11.2008 and accepted the total income as declared by the assessee. It is relevant to state that the assessee in the computation filed, inter alia, declared long-term capital gain on sale of flats. The ld. CIT in exercise of his powers under section 263 of the Act has stated that the assesese entered into....

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.... stated that the Assessing Officer will also consider that the difference of sale proceeds of the flats and appreciated value of land in the hands of the assessee will constitute profit from business and will be treated as income from business or profession. 3. At the time of hearing, ld. A.R. fairly conceded that the assessee could not file copies of all the documents/ agreements, which are placed in the paper book, before the Assessing Officer when the assessment was completed by him under section 143(3) of the Act vide order dated 27.11.2008. The ld. A.R. fairly conceded at the time of hearing that the assessment order is not a speaking order and it could not be relieved therefrom that he considered the details of the sale transaction....