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TMI Blog2014 (8) TMI 1019X X X X Extracts X X X X X X X X Extracts X X X X ..... his year. In view of the said legal position as discussed the assessment proceedings in consequence of reopening u/s.147 were bad in law and cannot be sustained and are accordingly set aside. - Decided in favour of assessee - I.T.A. No. 2441/Mum/2011 - - - Dated:- 27-8-2014 - SHRI N. K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER For the Appellant: Shri H. N. Motiwalla Shri Piyush Chhajed For the Respondent: Shri Vijay Kumar Sami ORDER PER Sanjay Garg, Judicial Membe : The present appeal has been preferred by the assessee against the order of the Commissioner of Income Tax (Appeals)-30, Mumbai ('CIT(A)' for short) dated 28.01.2011. The assessee has raised as many as four grounds of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he facts of the case. 2. The brief facts of the case are that the assessee is a registered Co-operative Housing Society. The return of income was filed on 22.08.2002 declaring the total income at Rs. Nil. The same was processed u/s. 143(1) of the I. T. Act. Subsequently, it was learnt that the assessee had entered into an agreement for sale/transfer of TDR/FSI with Narang Developers Pvt. Ltd., for a consideration of ₹ 55,00,000/-. Since this transaction was not disclosed in the return of income filed, the assessment was reopened u/s.147 of the I.T. Act by issue of notice u/s.148 of the I.T. Act. 3. Through grounds no. 1 2, the assessee has raised the contention that no notice u/s.143(2) was issued to the assessee under the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal in the case of Kuber Tobacco Products (P) Ltd. (supra) has summarized the legal position as under: (i) Section 292-BB even if it is procedural it is creating a new disability as it precludes the assessee from taking a plea which could be taken a right, cannot be construed retrospectively as the same is made applicable by the statute w.e.f 1.4.2008. (ii) Section 292-BB is applicable to the assessment year 2008-09 and subsequent assessment years. Further, the Hon'ble Jurisdictional High Court of Bombay in the case of CIT Vs. Mr. Salman Khan in Income Tax Appeal (L) No. 2362 of 2009 dated 1.12.2009 has categorically held that sections 292-BB 292-B of the Income Tax Act have been amended from 1.4.2008 and thus h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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