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Issues involved: Appeal against order of CIT(A) for assessment year 1985-86.
Issue 1: Validity of notice issued under section 148 The appellant contested the validity of the notice issued under section 148 by the AO, arguing lack of fresh material, failure to disclose necessary facts, and inadmissibility of a statement. The AO issued notice based on information about enhanced sale consideration, leading to multiple assessments and appeals. The CIT(A) upheld the notice's validity, but the appellant claimed the proceedings were void ab initio. The Tribunal directed the AO to verify the timing of information receipt to determine the notice's validity. Issue 2: Actual year of assessment of profit/gain Dispute arose regarding the taxability of profit in the year under appeal, with the appellant asserting that the assessment should have been for a prior year based on the sale deed execution date. The Tribunal found that the capital gain from the land transfer should be considered for the earlier assessment year as per the Indian Registration Act, leading to the deletion of the addition made by the AO for the current assessment year. Issue 3: Sustenance of addition on the basis of order of stamp duty The appellant challenged the addition based on stamp duty order, arguing lack of evidence for additional payment beyond the sale deed amount. The Tribunal reviewed relevant judgments and concluded that the Department failed to prove understatement of sale consideration, leading to the deletion of the addition sustained by the CIT(A). This judgment by the Appellate Tribunal ITAT Jodhpur addressed issues related to the validity of notice under section 148, the correct assessment year for profit/gain, and the sustenance of addition based on stamp duty order, providing detailed analysis and rulings on each issue.
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