TaxTMI 
TaxTMI 
2025 (4) TMI 2139
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....ated 16.10.2024 for the A.Y. 2017- 18. Since the appeal and C.O. are related to the same assessee, they are heard together and one consolidated order is being passed for the sake of convenience and brevity. 2. The revenue has raised the following grounds : 1. The order of the Ld.CIT(A), National Faceless Assessment Centre (NFAC) Is erroneous both on facts and in law. 2. The Ld. CIT(A) has erred in deleting the addition of Rs. 3,47,85,000/- by merely relying on the submissions of the assessee without verifying the facts of the case. 3. The Ld. CIT(A) erred in not appreciating the fact that the said addition was made by the Assessing Officer in the assessment order only after the assessee failed to give any cogen....
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....essee is an individual filed his Return of Income ("ROI") for A.Y. 2017-18 declaring a total income at Rs. 4,10,800/ -. The case of the assessee was reopened u/s.147 of the Income Tax Act, 1961 ('the Act') by the Learned Assessing Officer ("Ld. AO") based on the information that the assessee had sold an immovable property of Rs. 4 Crores, but had not offered any income from the transaction in his ROI. Consequently, the Ld. AO issued notice u/s.148 of the Act on 31.03.2021. The assessee filed his ROI in response to the notice issued u/s.148 of the Act declaring the same income of Rs. 4,10,800/- as originally filed. During the assessment proceedings, the Ld. AO found that the assessee had executed a development agreement dated 29.07.2....
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....f the above facts, the AO made addition of Rs. 3,47,85,000/- under the head short term capital gain on the basis of registered document of sale of immovable property. The assessment was completed u/s 143(3) rws 147/144B, however on the first page of assessment order, the AO has inadvertently mentioned the section of assessment order as " 147 rws 144 read with section 144B of the Income tax Act." However, I find that the assessment order is not passed u/s 144 but passed u/s 143 (3) r.w.s. 144B of the Act. The AO did not allow the deduction for cost of acquisition since the appellant did not submit any details. During the course of appellate proceedings, the appellant has submitted that there was error in the reopening proceedings si....
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....erly appreciating the facts. The Ld. DR also submitted that the Ld. CIT(A) failed to call for a remand report from the Ld. AO despite the assessee submitting the development agreement as additional evidence before the Ld. CIT(A), which is a violation of Rule 46A of the I.T. Rules, 1962. Finally, the Ld. DR prayed before the bench to set aside the order of Ld. CIT(A) for fresh adjudication. 6. Per contra, the Learned Authorised Representative ("Ld. AR") submitted that, the Ld. AO had wrongly taxed the entire transaction in the hands of the assessee and the Ld. CIT(A) had correctly deleted the addition. The Ld. AR further submitted that, the assessee has not transferred any property during the year under consideration. In support of his su....
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.... effect : 7.2 The assessee reply, documents filed and material available on the record are examined carefully. Assessee has accepted the fact that he in the capacity of Managing Partner of his firm has entered into development agreement for developing two plots. In support of the same he has filed development agreement. The P&L account & return of income of Firm M/s Uma Maheshwari Builders for A.Y 2017-18 is examined. The firm has shown turnover of Rs 24,77,000/- for the year. Even in A.Y 2016-17 the firm has offered income under 44AD, showing total turnover of Rs. 6395000/- As per the information uploaded by the office of Sub Registrar Vizianagaram Andhra Pradesh, the assessee has transferred a immovable property on 29/07/2016 wor....