2023 (6) TMI 34

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... officer erred in re-opening the case u/s. 147 and that the re- assessment is bad and void in law. 2. The Ld. Assessing Officer erred in making addition on account of sale of property without appreciating that there is no escapement of income under section 147 of the Income Tax Act, 1961. That the addition is unjustified and ought to be deleted. 3. The Ld. Assessing Officer erred in making the addition on sale of property amounting to Rs. 61,00,000/- as unexplained cash credit u/s. 68 of the Income Tax Act, 1961 ignoring the submissions made by the appellant and without appreciating the facts of the case. 4. Without prejudice to the above, the Ld. Assessing Officer erred in treating the sale consideration of property the addition u/s.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....led the details through ITBA portal. The AO considering the facts and information found that during the Financial Year ("FY") 2013-14, the assessee has sold two immovable properties, one flat at Kandivali. Mumbai for Rs.1,30,00,000/- and second flat at Thane for Rs.61,00,000/-.Whereas the assessee has disclosed capital gains in respect of Kandivali flat in the return of income. And the sale consideration in respect of flat sold at Thane was not disclosed. Therefore the A.O. has issued a show cause notice on 25.03.2022. In compliance to the notice, the assessee has filed the information on 27.03.2022 referred at Page4 Para 5.4 of the order read as under: "...There is no cause to add the sum of 61,00,000/- to the assessee's income for t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....-XL (35) dated 11-04-1955...wherein it was commented that .."Having said so, we must observe that the Apex Court and the various High Courts have ruled that the authorities under the Act are under an obligation to act in accordance with law. Tax can be collected only as provided under the Act. If any assessee, under a mistake, misconceptions or on not being properly instructed is over assessed, the authorities under the Act are required to assist him and ensure that only legitimate taxes due are collected" (see S.R. Kosti v. CIT [2005] 276 ITR 165 1 (Guj.), CPA Yoosuf v. ITO [1970] 77 ITR 237 (Ker.), CIT v. Bharat General Reinsurance Co. Ltd. [1971] 81 ITR 303 (Delhi), CIT v. Archana R. Dhanwatey [1982] 136 ITR 3552 (Bom.). We are attachi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....120/- and passed the final assessment order u/s 144C(13) r.w.s.147 of the Act dated 02.01.2023, Aggrieved by the final assessment order, the assessee had filed the appeal with the Hon'ble Tribunal. 5. At the time of hearing, the Ld. AR submitted that the DRP has erred in rejecting the objections filed and confirming the addition by the AO overlooking the factual information and revised computation of income filed claiming the exemption of Long Term Capital Gains on sale of flat at thane u/sec 54 of the Act in the proceedings. Further the Ld. AR submitted that the assessee has a good case on merits and substantial material evidences in respect of claim and prayed for an opportunity to file the details/ information before the lower authoriti....