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2021 (9) TMI 330 - AT - Income TaxReopening of assessment u/s 147 - reopening argued as time barred - assessee argued there cannot be two notices u/s 148 of the Act for the same transaction - addition made invoking of section 50C(1) - HELD THAT - During the course of hearing, Ld. Sr. DR fairly conceded that these grounds have not been adjudicated by way of a speaking order. We, therefore, set aside the impugned order and restore the grounds of appeal raised by the assessee in this appeal before Ld.CIT(A) to decide the appeal afresh by way of speaking order on each ground raised in Form No.35 by the assessee The case being very old related to the Assessment Year 2006-07. However, in the absence of a specific adjudication by the First Appellate Authority, we deem it proper to restore the grounds to the file of Ld.CIT(A) for adjudicating the grounds raised in Form No.35. Ld.CIT(A) is hereby directed to dispose of grounds - Appeal of assessee allowed for statistical purposes.
Issues:
1. Validity of notice u/s 148 of the Income Tax Act, 1961 2. Applicability of section 50C on the transaction dated 1995 3. Adjudication of specific grounds by Ld.CIT(A) Analysis: Issue 1: Validity of notice u/s 148 of the Income Tax Act, 1961 The appellant challenged the validity of the notice issued under section 148, arguing that the assessment was time-barred as the first notice was issued on 24/09/2008, and the assessment was completed on 31/12/2010. Additionally, the appellant contended that another notice for the same reasons was issued on 09/12/2009, which they claimed was invalid as it tried to bring in a property sold in 1995. The appellant argued that the earlier notice remained in operation as it was not withdrawn by the Assessing Officer. The Tribunal found that the specific grounds raised by the appellant were not properly adjudicated by Ld.CIT(A). The Tribunal set aside the impugned order and directed Ld.CIT(A) to decide the appeal afresh within three months. Issue 2: Applicability of section 50C on the transaction dated 1995 The Assessing Officer treated the full value of consideration of a property sold in 2005 as capital gain in the hands of the assessee under section 50C(1) of the Act. The appellant argued that section 50C, inserted in 2003, was not applicable to a transaction from 1995. The Tribunal agreed with the appellant, noting that the provision invoked by the Assessing Officer was not in force at the time of the property transfer in 1995. The Tribunal directed Ld.CIT(A) to reconsider this aspect in the fresh adjudication. Issue 3: Adjudication of specific grounds by Ld.CIT(A) The Ld.CIT(A) did not provide a detailed adjudication on the specific grounds raised by the appellant. The Tribunal observed that the Ld.CIT(A) dismissed the appeal without a proper examination of the contentions raised by the appellant. Therefore, the Tribunal set aside the order and instructed Ld.CIT(A) to dispose of the grounds raised by the appellant in a speaking order. The Tribunal emphasized the importance of a thorough examination of all grounds raised by the appellant. In conclusion, the Tribunal allowed the appeal of the assessee for statistical purposes and directed Ld.CIT(A) to re-examine the issues raised by the appellant in a detailed and comprehensive manner within a specified timeframe.
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