2021 (9) TMI 330

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....n 31/12/2010 i.e. more then one year from initiation of reassessment proceedings on the information received. Hence the order under appeal is time - barred. 2. The notice dated 24/09/2008 u/s148 for same reasons was issued by ITO, Ward 2(1), Ajmer and no order was passed by him by the time the ITO. Trust Ward III. Delhi issued notice u/s 148 on 09/12/2009 for the same facts/reasons. There can not exist two 148 notices simultaneously on two different tax payers for a single transaction. The satisfaction of Delhi ITO is a borrowed one & not his own satisfaction. 3. The notice u/s 148 dated 09/12/2009 for asst. year 2006-07 is invalid as it has tried to bring in the property sold in 1995 and possession was given/ payment was ....

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....fore, the Assessing Officer treated the full value of consideration of Rs. 77,80,888/- as capital gain in the hands of the assessee with reference to provisions contained u/s 50C(1) of the Act. 3. Aggrieved against this, the assessee preferred appeal before Ld.CIT(A) wherein the assessee had challenged the addition and also the validity of notice u/s 148 of the Act as issued by the Assessing Officer. However, the appeal filed by the assessee was dismissed by Ld. CIT(A). 4. Now, the assessee is in appeal before this Tribunal. Ground Nos.1 to 3 raised by the assessee in this appeal read as under:- 1. "The first 148 notice was issued on 24/09/2008 and the assessment has been made on 31/12/2010 i.e. more then one year from initia....

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....ed that the property in question was infact transferred in the year 1995 in terms of section 2(47)(v) of the Act as the entire payment was received and the possession was handed over to the vendee. He submitted that for this transaction, even the assessment could not have been re-opened by issuing notice dated 09.12.2009. Ld. Counsel for the assessee has taken us through the impugned order to buttress the contention that all these three grounds which were categorically taken before Ld.CIT(A), have not been adjudicated. Further, Ld. Counsel for the assessee submitted that the addition has been made by invoking the provision of section 50C(1) of the Act and the transaction related to year 1995. Therefore, the Assessing Officer grossly erred i....

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....able to all the asses sees and even a trust or society which has been granted registration u/s 12AA of the Income Tax Act. In view of the same it is undisputed that as per information received from ITO, Ward-Il, Ajmer, property known as "Husband Memorial School" was valued at Rs. 77,80,888/- for Stamp purposes by Sub-Registrar, Ajmer. Since the sale deed was registered on 29.11.2005 the transaction has taken place during A.Y. 2006-07 and therefore provisions of section 50C inserted w.e.f. 1.4.2003 are very much applicable to the case of the assessee. As per the scheme of action 11, 12 & 13 even income/ proceeds in the nature of gains accruing on transfer of capital assets had to be applied by the said trust/society and only thereaf....