2022 (10) TMI 1323

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....st the separate orders passed by the learned Commissioner of Income Tax (Appeals) - 11, Hyderabad for the assessment year 2017-18. 2. Before us, at the outset, both the parties submitted that the facts and issues are identical in all the appeals except the amounts involved. In view of the aforesaid submissions, we, for the sake of convenience proceed to dispose of all the captioned appeals by a consolidated order but however, refer to the facts in ITA No.388/Hyd/2021. 3. In all the appeals, though, the assessee has raised as many as 21 grounds, but its sole controversy is with respect to making of addition of Rs.18,46,153/- as undisclosed capital gains by the Assessing Officer. 4. The brief facts of the lead appeal are that assesse....

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....l high court's detailed judgment dt.16.08.2018 and therefore, the impugned addition has no legs to stand. 3. The Revenue's case on the other hand is that the assessee has raised the foregoing argument for the first time before the tribunal which requires afresh factual verification. 4. We have given our thoughtful consideration to the preceding rival submissions and find merit in both parties' stands in principle. Case records prima facie suggest that hon'ble jurisdictional high court's common detailed judgment in W.P. Nos.11032, 11034 and 11037 of 2018 dt.16.08.2018 hereinabove has indeed quashed the Revenue's action in issue therein. The fact also remains that whether or not the assessee's capital asset formi....

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....ntended that the assessee has raised the foregoing argument for the first time before the Tribunal which requires afresh factual verification. In view of the rival submissions of the parties and on perusal of the case record, we feel that the matter requires fresh adjudication for determination of capital gain arising out of the transfer of capital asset, which as per the case of the assessee is covered by the decision of jurisdiction High Court in the case referred W.P. Nos.11032, 11034 and 11037 of 2018 dt.16.08.2018 hereinabove. The Assessing Officer is directed to record categorical finding with respect to owning of capital asset, if any, by the assessee or not and the effect of decision of jurisdictional High Court on the ownership of ....