TaxTMI 
TaxTMI 
2025 (6) TMI 401
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....4C(3) of the Income Tax Act, 1961, (for short "the Act") dated 24-05-2024. The Revenue has assailed the impugned order on the following grounds of appeal before us : "1. The Ld. CIT(Appeals) erred both in law and on facts of the case in setting aside the assessment order passed by the Assessing Officer u/s. 143(3) r.w.s. 144C(3) dated 24.05.2024 for making a fresh assessment. 2. On the facts and in the circumstances of the case, and in law, whether the CIT(Appeals) is justified in setting aside the assessment order passed by the Assessing Officer u/s. 143(3) r.w.s. 144C(3) dated 24.05.2024 for making a fresh assessment by invoking the powers granted u/s. 251 of the Act, when the provisions of Sec.251(1) clearly states that the power of ....
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....t of acquisition/ improvement of the properties along with the expenditure incurred in connection with the transfer of the same, was not forthcoming, reworked out and brought the income arising therefrom as Short-term Capital Gains (for short "STCG") on the transfer of the same at Rs. 2,15,25,000/-. The A.O., vide his order passed under Section 143(3) r.w.s. 144C(3) of the Act, dated 24.05.2024, made an addition of short-term capital gains of Rs. 2,15,25,000/- (after dispensing with LTCG of Rs. 13,18,000/- that was disclosed by the assessee in his return of income) and determined his income at Rs. 2,15,70,840/-. 4. Aggrieved, the assessee carried the matter in appeal before the CIT(A). Ostensibly, the CIT(A) though initially observed that ....
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....cts and circumstances of the case and the submissions of the assessee, the assessment order passed by the AO u/s 143(3) r.w.s 144C(3) of the Income Tax Act, 1961 is set aside and is referred back to the AO for making a fresh assessment. Needless to add, the AO shall afford adequate opportunity of being heard to the assessee before passing the assessment order de novo. In view of this, the appeal is ALLOWED FOR STATISTICAL PURPOSES. 5. In the result, the appeal filed against the order u/s 143(3) r.w.s 144 of the Income Tax Act, 1961 for the AY 2022-23 is allowed for statistical purposes." 5. The revenue being aggrieved by the order of CIT(A) has carried the matter in appeal before us. 6. We have heard the learned authorized representativ....
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....d. 8. Per Contra, Shri A. Srinivas, the learned Authorized Representative (for short "Ld. Ld. AR") for the assessee relied upon the orders of the lower authorities. 9. Admittedly, it is a matter of fact borne from the record that the A.O. in the present case had framed the assessment vide his order passed under Section 143(3) r.w.s. 144C(3) of the Act, dated 24-05-2024. We find that the legislature, in all its wisdom, had by the amendment made available in the Statute, vide the Finance (No.2) Act, 2024 w.e.f 01.10.2024, had inserted a "Proviso" to Section 251(1)(a) of the Act, wherein the CIT(A) has been vested with the power to set aside the assessment and refer the case back to the A.O. for making a fresh assessment, where such appeal i....