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2022 (5) TMI 1157
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....n individual. AO has noted on the basis of the AIR information, it was noted that assessee had sold an immovable property of Rs.92,86,250/- on 14.02.2007. Accordingly, notice u/s 148 of the Act was issued on 21.03.2012 and served on the assessee. In response to the aforesaid notice, assessee filed his return of income declaring total income at Rs.2,18,477/- on 14.05.2012. Thereafter case was taken up for scrutiny and consequently assessment was framed u/s 143(3) r.w.s 147 of the Act by order dated 11.03.2013 and the total income was determined at Rs.65,18,480/-. Aggrieved by the order of AO, assessee carried the matter before CIT(A) who vide order dated 23.03.2015 in Appeal No.118/2013-14 dismissed the appeal of the assessee. Aggrieved by t....
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....jurisdiction and therefore the assessment order passed on the foundation of such notice is liable to be quashed. 2. On the facts and circumstances of the case and in law, the addition of Rs.63,00,000/- made by the assessing officer is beyond the scope of provisions of section 147/148 of Income Tax Act, 1961 and the CIT(A) ought to have deleted the same." 5. With respect to the admission of additional grounds, Learned AR submitted that in the additional ground, the assessee is challenging the validity of the assessment framed u/s 143(3) r.w.s 147 of the Act, which is a legal issue and goes to the root of the matter. Ld AR submitted that since all the material facts relevant to the legal issue are already on record and the issue a....
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....sions and on perusing the materials available on record, we find that facts which are necessary for adjudication of legal issue raised by the assessee by way of additional grounds of appeals are already on record and no new material or evidence is relied upon to challenge the legal issue. We find that the Hon'ble Apex Court in the case of National Thermal Power Co. Ltd. (supra) after considering the decision in the case of Jute Corporation of India Ltd. (supra) has observed that the Tribunal has jurisdiction to examine the question of law which arise from the facts as found from the authorities below and having bearing the tax liability of the assessee. It has further held that there is no reason to restrict the power of Tribunal u/s 254 of....
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.... Term Capital Gain, AO was of the view that income had escaped assessment within the meaning of Section 147 of the Act. Learned AR thereafter pointed to the assessment order framed u/s 143(3) r.w.s 147 of the Act dated 11.03.2013 and submitted that no addition has been made by the AO on the issue of Long Term Capital Gain but AO has proceeded to make the addition of Rs.63,00,000/- u/s 68 of the Act. He therefore submitted that the addition has been made by the AO on the different ground then that was recorded in the reasons for reopening the assessment. He thereafter submitted that on the issues on which the additions have been made in the order passed u/s 143(3) r.w.s. 147 of the Act, no fresh notice u/s 148 of the Act was issued by the AO....
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....is situated within the 5 K.M. from the municipality's limit and thus was a Capital Asset and therefore the assessee should have offered the Capital gains to tax. The assessment order framed u/s 143(3) r.w.s 147 of the Act dated 11.03.2013 reveals that no addition has been made on account of Long Term Capital Gain by the AO and which was the reason that was recorded for reopening the assessment. The assessment order further reveals that the additions has been made on a different ground, being addition u/s 68 of the Act on account of unexplained deposits in the Bank. We find that Hon'ble Bombay High Court in the case of Jet Airways (I) Ltd. (supra) has held that if upon the issuance of notice u/s 148 of the Act, the AO does not assess or reas....