2022 (4) TMI 1118

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hereinafter referred to as the CIT(A)] qua the assessment year 2007-08 on the grounds inter alia that :- "1. Ground No. 1 - Re: Re-assessment without issuing Notice u/s. 148: The learned Commissioner of Income Tax (Appeals)-l, Mumbai [hereafter referred as the 'CIT(A)'] erred in upholding the action of the Asst. Commissioner of Income Tax (Exemptions)-2(l), Mumbai [hereafter referred as the 'A.O'] in assuming jurisdiction to re-assess income of the appellant-assessee without issuing and serving on the appellant-assessee valid notice u/s 147/148 of the Income Tax Act, 1961 (the 'Act') consequently passing the impugned assessment order dated 26.03.2015. 2. Ground No. 2 - Re: Issuance of Notice ii/s 148 by the I.T.O, Barei....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....voking the provisions under section 147 read with section 148 of the Act on the basis of AIR information that the assessee trust has sold properties for Rs. 62,56,000/-, Rs. 72,77,000/- and Rs. 68,75,000/- on 01.02.2007, 03.02.2007 and 25.07.2006 respectively as the transactions remained unexplained, assessment was reopened and sale proceeds of Rs. 2,04,08,000/- reasoned to be believed as chargeable to tax having escaped assessment for A.Y. 2007-08. 3. Declining the contentions raised by the assessee the Assessing Officer (AO) made addition of Rs. 2,04,08,000/-. The AO also denied the exemption/deduction claimed by the assessee under section 11 of the Act. 4. Assessee carried the matter before the Ld. CIT(A) by way of filing appeal who ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... appeal, perused the orders passed by the Ld. Lower Revenue Authorities and documents available on record in the light of the facts and circumstances of the case and law applicable thereto. 8. The Ld. A.R. for the assessee challenging the impugned order passed by the AO as well as the Ld. CIT(A) framing/confirming the assessment under section 148 of the Act contended interalia that assessment framed in this case is liable to be quashed as ITO, Bareli who has initiated the reopening of assessment under section 148 of the Act was having no jurisdiction under section 120/124 of the Act nor any transfer of jurisdiction order was ever passed under section 127 of the Act and relied upon the decision rendered by the Tribunal in cases cited as In....