TaxTMI 
TaxTMI 
2021 (11) TMI 1222
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....short), whereby the Tribunal has confirmed the inevocation of revisionary powers by the respondent on the order dated 13.12.2018 passed under section 143(3) of the Act. However, the grievance on the part of the appellant is that while holding that the assumption of jurisdiction by the Commissioner under section 263 of the Act was valid and while sending the case to the file of the Commissioner for de novo adjudication, some of the observations made by the Tribunal shall prejudicialy affect the rights of the appellant and hence, this appeal is preferred raising the following substantial questions of laws:- "(A) Whether on the facts and in the circumstances of the case, the Tribunal has erred in not holding that revision power exerci....
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....d that the DCIT had rightly assumed the jurisdiction for exercising the powers under section 263 of the Act, it could not have so done it without assigning the basic reasons. According to him, being conscious of the possibility of influence of its observations, it has been careful in directing the authorities concerned to decide it in accordance with laws with a specific direction of not to be influenced by its observations and, therefore, he has urged that there is no reason for this Court to entertain this appeal. 5. In the present appeal, this Court is concerned with the Assessment Year 2016-17 where on scrutiny assessment, the assessment order has been passed on 13.12.2018. We have been taken through the paper book presented by Mr. S....
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....ted 23.03.2021, under section 263(1) of the Act, had been issued nearly seven days before the expiry of the period of limitation. This revisional jurisdiction was assumed on the ground that the appellant was the trader of the land on the basis that the transaction had been in subsequent years and he frequently entered into the sale and purchase of the land as a commodity. Therefore, his income was to be treated as business income rather than as capital gain by the Assessing Officer. Moreover, another ground raised was the permission of the Deputy Collector under section 63 of the Gujarat Tenancy and Agricultural Lands Act and according to the respondent, the same cannot be treated as agricultural land and deduction under section 54B of the ....
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....nd has to be decided on considering the facts and circumstances of each case. The Superior Courts have laid down certain guideline having regards to certain guideline having regard to the following frequently occurring factors: sale of land for housing purpose; obtaining permission to sell the land for non-agriculture purpose; absence of cultivation prior to sale, absence of intention to cultivate land in future, location of land within in municipal area, the nature of the surrounding area; the price at which the land was sold within the municipal area and entry in municipal record. All these factors were not considered by the AO while passing the assessment order. 13. The Hon'ble Supreme Court in a well known leading case in Malab....
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....had led the Tribunal to send it back to the DCIT for it to adjudicate it afresh as provided under the law and not being influenced by the observations. 8. The observations, which have been reproduced hereinabove, according to us, are by way of the justifications of the assumption of jurisdiction by the DCIT. We see no fault in the Tribunal having supported the order of the DCIT. With these reasons, we also could notice that being conscious of the appellate authority likely to be influenced by some of these observations, it has aptly cautioned, as is required of the higher authority, to specifically direct not to be so influenced. Hence, it is a clear direction of the same to be decided in accordance with law by availing the reasonable op....