2014 (9) TMI 1142

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pplementary Affidavit, pursuant to the leave granted on 25th August, 2014, filed in Court, be kept on record. Heard Mr. S.B. Saraf, learned advocate for the appellant. This appeal has been preferred by the appellant from an order dated 20th December, 2013 passed by the Income Tax Appellate Tribunal 'C' Bench, Kolkata in ITA No. 1316/Kol/2012 for the assessment year 2006-2007 on the following qu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ee company, which claimed to be refundable after 270 years to the buyer and on this ground the deposit was not shown to be the part consideration of the proceeds ?" We find that the Tribunal while upholding the order passed by the CIT (Appeal) had followed the judgments of the Bombay High Court in CIT -vs- Jet Airways India Ltd. 331 ITR 236 and Delhi High Court in Ranbaxy Laboratories Ltd. -vs-....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....essment proceedings,it was noticed that the assessee company has shown the said deposits in Asst. year 2006-07 also, which was not considered as part of the sale proceeds." It is noteworthy that similar issue was raised in the assessment year 2007-08 which was decided by the Tribunal in favour of the assessee. The Revenue accepted the order of the Tribunal by not preferring appeal under section....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Court in the case of CIT -vs- Jet Airways India Ltd. (supra) and the Hon'ble Delhi High Court in the case of Ranbaxy Laboratories India Ltd (supra). The ratio laid down in these decisions is that reassessment must be in the first place, be in respect of income escaped assessment for which the reasons were recorded and only thereafter in respect of some other items of escaped income. If, howeve....