TaxTMI 
TaxTMI 
2023 (10) TMI 558
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....A') in appeal no. 269/HSR/2014-15 arising out of an appeal before it against the order dated 24.02.2015 passed u/s 143(3)/147 of the Income Tax Act, 1961 (hereinafter referred as 'the Act') by the ITO, Ward-4, Hisar (hereinafter referred as the Ld. AO). 2. Heard and perused the record. 3. Facts in brief are that assessee had filed a return of income on 30.09.2008 and the assessment completed u/s 143(3) of the Act on 23.12.2010. The assessee had reflected the transaction of sale of land subsequently, there was a survey u/s 133A at the business of Smt. Bhawna Jain Props. M/s. Aakash Metal Industries, Hansi from where copy of registration deed no. 5381 dated 21.02.2008 was found and impounded. The deed disclosed the sale of 16 Kanal 5 ma....
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..../- has been given as advance to Sh. Balwant Singh for purchase of land is duly shown in the Income Tax return computation. In the Annotated report sent by learned Dy. Commissioner of Income Tax on 13.08.2012 it is clearly mentioned in the reply submitted by learned Dy. Commissioner of Income Tax that assessee Has given advance of Rs 5500000/- to Sh. Balwant Singh s/o Pehlad on 06.08.2008 after withdrawing Rs 50,00,000.00 from cash Book. b) Copy of date wise capital A/c of the assessee clearly depicts Rs 5500000/- given as advance to Sh. Balwant Singh had been submitted and placed on file. c) Copy of bank certificates for deposit Rs 22000000/- in capital gain a/c in PNB clearly shown in computation of income and Bank Certif....
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.... In may view therefore, the proceedings u/s 147 were not justified and this is not a case where new material was found or came to the notice of the AO. I, therefore, quash the order passed u/s 143(3)/147 in this case." 4. The Revenue is in appeal raising following grounds : "1. On the facts and in the circumstances of the case, the Ld. CIT (Appeal) has erred in quashing the order dt. 24.02.2015 passed u/s 143(3)/147 of the Income Tax Act, 1961 without appreciating the facts that the AO has mentioned the detailed facts in assessment order itself. 2. On the facts and in the circumstances of the case, the Ld. CIT (Appeal) has erred in accepting the version of assessee filed ' before the Ld. CIT(A) without appreciat....
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....he objection to issuance of notice u/s 148 of the Income Tax Act, 1961 vide order dt. 09-12-2014 which has not been appreciated by the Ld. CIT (Appeal) while deciding the appeal. 8. The CIT(A) has failed to appreciate that the AO in this case has reopened the case after following the due procedure/ provisions of the Income Tax Act, 1961. 9. The Appellant craves leave to add, amend or modify the grounds of appeal subsequently, before the appeal is disposed off." 4.1 The assessee has also filed cross objections supporting the findings of ld. CIT(A). 5. Heard and perused the record. 6. Ld. DR primarily submitted that Ld. CIT(A) has failed to appreciate the fact that under original assessment u/s 143(3) the issue of a....