2023 (4) TMI 896

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.... noted herein. "1. That the impugned order passed u/s. 263 of the Income Tax Act 1961 is bad in law and needs to be set aside. 2. That there were no provision to issue multiple notices u/s. 263, which is illegal and against the provisions of the 'the Act'. 3. That the provision of the section 151(2) was not complied with and impugned order based on the illegal assessment order is itself illegal. 4. That impugned order was passed without considering the documents available on record is illegal. 5. That the impugned order with the direction to re-assess the Appellant u/s.50C of 'The Act' without the invoking the provision u/s.55A is itself illegal." 3. Grounds No.2 and 3 are dismissed as not pressed. 4. Briefly stated, the as....

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....sband which actually belonged to the husband all along and the assessee committed a mistake in executing sale deed instead of gift deed. No consideration was paid by the husband to the assessee for such restoration of rights in property. The Assessing Officer after taking note of the facts and circumstances, framed the re-assessment order dated 17.08.2016 under Section 143(3) r.w. Section 147 of the Act. Significantly, the Assessing Officer in the re-assessment order further noted that where all the money has been invested by the husband of the assessee then by virtue of Section 64 of the Act, any income arising from the impugned agricultural land is required to be taxed in the hands of the husband in accordance with law. The Assessing Offi....

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....tion which has been erroneously not done by the Assessing Officer resulting in prejudice to the interest of revenue. In the course of hearing, it is seen from the record placed that the issue disputed by the Pr.CIT in the revisional proceedings was subject matter of intense examination by the Assessing Officer. In fact, in the re-assessment proceedings, the case of the assessee was reopened for inclusion of Long Term Capital Gains for its taxability. Detailed inquiries were carried out by the Assessing Officer as vindicated from the statements recorded by the Assessing Officer in this regard. The assessee and her husband both appeared before the Assessing Officer and clarified the factual matrix. The affidavit was also placed on record befo....

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....xecuted to handover the agricultural land back to husband for which no consideration whatsoever was received by the assessee. The only mistake committed was that instead of execution gift deed a sale deed was executed to restore the legal rights of husband. In essence, it is the case of the assessee that sale deed is nothing but gift deed intended to transfer the land as vouched by lack of consideration and in view of the attendent circumstances. This fact was brought on record by way of oral evidence as well as circumstantial evidence. No negative fact is available on record to dispute the assertions made on behalf of the assessee as well as her husband jointly. Having understood the nuances of the factual matrix, the Assessing Officer als....