2022 (8) TMI 267

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....According to the appellant, they are engaged in the business of real estate. During the Financial Year 2007-08, they acquired a land situated at Siruseri admeasuring 65 cents for a sum of Rs.95,18,700/- through bank and during the Financial Year 2013-14 relevant to the assessment year 2014-15, the said property was sold to one Naveen Kochar by executing a general Power of Attorney dated 18.01.2003 for a total consideration of Rs.90,00,000/- which was received by cheques dated 31.08.2013 and 10.12.2013 for Rs.75,00,000/- and Rs.15,00,000/- respectively. The said Naveen Kochar thereafter, sold the said property to one M/s.Jacaranda Properties Pvt. Ltd. on 21.10.2013 for a total consideration of Rs.2,13,84,000/-, for which, the appellant neith....

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....fore, the same is barred by limitation. Further, the second respondent failed to provide the reasons recorded for reopening the assessment and follow the mandatory procedure as laid down in the decision in GKN Driveshafts v. ITO [(2003) 259 ITR 19 (SC)]. Without considering these vital factors, the learned Judge erred in dismissing the writ petition, by granting liberty to the appellant to file statutory appeal before the authority concerned. Stating so, the learned counsel sought to allow this writ appeal by quashing the order impugned herein. 3.On the other hand, the learned senior panel counsel appearing for the respondents made his submissions to support the order passed by the learned Judge. 4.Heard the learned counsel for the ap....

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....ssioner of Income Tax and another [(2022) 326 CTR (SC) 574], wherein, it was held as under : "In view of the fact that certain matters concerning the assessee are pending consideration before the CIT(A) and both sides are agreeable that the matters pending before the CIT(A) be taken to logical conclusion, liberty is given to the assessee as well as the Revenue to agitate all the issues before the CIT(A) in the pending appeals; pending said disposal, status quo shall be maintained by the parties." 8.Considering the facts and circumstances of the case and as agreed by the learned counsel appearing for both sides, this court, without going into the merits of the case, issues the following directions, in the light of the aforesaid d....