9911796707
TMI Blog2012 (3) TMI 547X X X X Extracts X X X X X X X X Extracts X X X X ..... before this Tribunal directed against the order of the CIT(A) passed on 16.11.2006 against assessment order dated 27.2.2002 framed u/s 144 r.w.s. 158BD of the Act for the block period comprising of assessment years 1996-97 to 1999-2000 Block period ending on 12.6.2000. The other appeal in the case of Smt. N. Andalamma, Viz., ITSS(A) No.51/Hyd/2009 is directed against the order of the order of the CIT(A) Guntur dated 13.3.2009 for the block period comprising of assessment years 1991-92 to 2000-01 and from 1.4.1990 to 12.6.2000. Since common issues are involved, they are being disposed of, with this common order for the sake of convenience. 2. Brief facts of the case are that search and seizure operations u/s 132 of the IT Act 1961 was c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i Sambasiva Rao. Subsequently, on the basis of departmental information, search and seizure u/s 132 were conducted in the premises of Shri A. Satyanarayana and others and incriminating materials were seized showing various payments to the owners of the land were utilised in initiating block assessment proceedings u/s 158BD against the assessee. 2.3. On the basis of materials available in the seized documents found from the residence of A. Satyanarayana and his relative Shri K. Subba Rao, the Assessing Officer appears to have observed that the apparent transaction relating to transfer of land by the assessee and his other relatives in financial year 1995-96 was not disclosed in the regular returns of income field. The Assessing Officer ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the rate of 6000/- per sq.y. from the buyer to Sri N. Narsimha had actually taken place. The original land owner N Narsimha on a receipt of sale consideration had executed the sale deed by putting his signature on the deed of conveyance in favour of sai sree projects. Keeping in abeyance of the registration of the executed sale deed by the registering authority due to extraneous circumstances cannot defer the passing of the title of the transferred property from N. Narsimha to Sai Sree Projects Ltd. In the absence of any other comparable cost of acquisition the Assessing Officer was justified to adopt the FMV of the transferred property as on 1.4.1981 at ₹ 40 per sq. Yard as certified by the land registering authority, Go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o share of each of the three groups who inherited, an area of 10160 sq. Yards there is no area which was can be said to fall to the share of the assessee and passed the order without verifying the details. e). The CIT(A) was also wrong in holding that provisions of Section 2(47) of the IT Act would apply since consideration was not fully received and possession was not given in pursuance of the agreement. The sale deed was executed but not registered. The learned counsel also said that the land is in possession of Smt. Andalammal till the date and produced the receipts from the tenants who were occupying the premises even as of to-day. f). The learned counsel also pointed out that the land became the subject matter of attachment throu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave not attained finality, having been not accepted by the judicial authority before which the same have been made. This action of the CIT(A), in this behalf, in our opinion, is bad in law. Further, the assessing officer has no occasion to go through these averments, and offer his comments thereon. In the circumstances, we are of the view that it would be in the interests of justice to set aside the order of the CIT(A) and restore the entire issue to the file of the assessing officer, to re-examine the same and redecide the issue in accordance with law after giving reasonable opportunity of hearing to the assessee. 7. In the case of Vendee M/s Sai Sre Projects P Ltd., the matter has been set aside to the file of the AO to re examine, w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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