TaxTMI 
TaxTMI 
2020 (10) TMI 982
X X X X Extracts X X X X
X X X X Extracts X X X X
....Y.2008-09 on 31- 07-2008, admitting income from salary, consultancy business and income from house property at Rs. 2,08,280/-. The said return was processed u/s.143(1) of the Income Tax Act [Act] on 23-06-2009 with NIL demand. Thereafter, the Assessing Officer (AO) received information that the assessee has sold a plot admeasuring 900 sq. yds., situated in Survey No.92, Devarakonda Nagar, Shaikpet Village for a consideration of Rs. 98,00,000/-, but the same was not disclosed by the assessee in his return of income. Since the Long Term Capital Gain was not offered to tax by the assessee, the AO re-opened the assessment u/s.147 of the Act by issuance of notice u/s.148 of the Act. The AO obtained the copy of the sale deed from SRO, Banjara Hil....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... has erred in holding that the reopening of assessment u/s 147 of the Act, is valid. 3. The Ld.CIT(A) erred ill upholding the application of the provisions of Sec.50C and computing the capital gains on the sale of the impugned property in the appellants case. 4. The Ld.CIT(A) ought to have appreciated that the assessee holds impugned property as stock in trade and that the provisions of Sec.50C would not apply on its sale. 5. The Ld.CIT(A) ought to have appreciated that the assessee purchased the said property and sold the same as a stock in trade for the year under consideration during the course of its regular business. 6. Though ground No.4 and 5 have not been taken before the lower authorities, it is ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he Ld.CIT (A) ought to have appreciated that notice issued under section 148 was to be preceded by a sanction duly obtained from Chief Commissioner / Commissioner as per proviso to section 151 (1), whereas such sanction had been obtained only from Additional Commissioner is not as per law and failure of such compliance shall invalidate the issuance of Notice U/s148 and hence ultimately the Assessment Proceedings made U/s147 of the Act shall be liable to be annulled. 14. As per the ratio laid down by the Honourable Supreme Court of India in the case of National Thermal Power Co. Ltd v. CIT (1998) 229 ITR 383 (SC), the Hon'ble ITAT has jurisdiction to examine the question of law which has been taken before the ITAT for the first ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed on or before 30th September, 2014, whereas the notice u/s.143(2) of the Act was issued on 24-11-2014. Therefore, the assessment order is not valid. 8. In reply, Ld.DR has filed a copy of the notice u/s.143(2) of the Act and also the order sheet entries from the assessment record. 9. After hearing both the parties and considering the material on record, we find from the order sheet entry dt.10-09-2014, that the assessee has filed a letter on 25-11- 2013, requesting that the return filed on 11-07-2008 vide acknowledgment No.1611004041 be treated as the return filed in response to the notice issued u/s.148 of the Act. He has further sought reasons for reopening of assessment u/s.147 of the Act. As the assessee has complied with the no....