2024 (8) TMI 415

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....nt passed u/s 143(3)/147 of the Income-tax Act, 1961 (hereinafter referred to as "the Act") dated 16.12.2018 by the Assessing Officer, ACIT, Circle-7(1), New Delhi (hereinafter referred to as "ld. AO"). 2. The assessee has raised the following grounds before us:- "1. That the both Ld. CIT(A) and Ld. AO erred in passing order u/s 147/143(3) which was beyond the expiry period of 4 years from the original assessment year AY 2011-12 and accordingly under law is time barred and hence the jurisdiction for re-assessment u/s 148 is bad in law. It is stated that the provisions of section 151 are not applicable as the transaction in question has not occurred during the AY 2011-12. 2. Without prejudice to the aforesaid ground, the....

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....er year which include Rs 92,49,929/ for the assessment year 2002-03 as the same was not been carried over due to the expiry of 8 years. 7. That the both Ld. CIT(A) and Ld AO. has wrongly charged the interest u/s 234A and 234B under the IT Act and the same requires to be deleted." 3. We have heard the rival submissions and perused the material available on record. The assessee, M/s Dabur India Limited, is engaged in the business of manufacturing and trading of herbal products of health, personal care, cosmetics and FMCG products etc. Return of income for assessment year 2011-12 was filed declaring income of Rs.253,24,04,903/-. Regular assessment was completed vide order dated 19.03.2015 passed u/s 143(3) of the Act assessing tota....

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.... Rs.4, 53,00,000/-:- a) Factory premises, G.M. Bungalow, Nepali ( Quarters and open land situated at Plot No. 423, 424, 425, 440, 442 and Settlement Plot No.69, Thana, Jasidih, Sub Registry and Subdivision- Deogarh, Dist Deogarh (Santhal Parganas) having area of 12 Bighas 3 Kottahs, 4 Duris; (b) Directors Bungalow situated at Settlement No.85 and 98, Town Plot No.422, Dhawni, having an area of 0 B, 13 K0Db. A.D. Corresponding to 0.76 acre (property under consideration); (c) Hill Range measuring 1.27 Acres, Plot No.20, Jama Bandi No.90, Mauza Dhawni, Thana & P.S.Deograh - owned by Mr. Ashok Burman. (ii) The aforesaid consideration was received by the assessee and possession of the properties were handed ov....

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....n on account of sale of the above mentioned property for AY 2007-08 in the return of income itself and assessment for AY 2007-08 stood completed u/s 143(3) of the Act on 14.02.2011 accepting the offer of capital gains made by the assessee in the return of income. 5. Hence, the aforesaid facts containing the chronological list of dates and events clearly goes to prove that:- i. consideration of sale of the property had been duly received by the assessee in AY 2007-08 itself; ii. possession of the property was duly handed over by the assessee way back in AY 2007-08 itself; 6. Hence, the transaction of sale actually got concluded in AY 2007-08 itself and assessment u/s 143(3) of the Act was also framed accepting the sta....