9911796707
Advanced Search 
TMI Blog2018 (2) TMI 1774X X X X Extracts X X X X X X X X Extracts X X X X ..... l other grounds on merits taken by the assessee become academic and infructuous. - Decided in favour of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... moveable property for ₹ 50 lakhs which is a plot at B-2/31A, Vijayant Khand, Gomti Nagar, Lucknow. The assessee during the relevant year also booked a flat at Jaypee Greens, Noida for a consideration of ₹ 28,18,000/- in respect of which assessee has claimed deduction of ₹ 37,51,220/- under section 54F of the Act (against plot sold for ₹ 50 lakhs on 1/12/2010) resulting into taxable long term capital gain for the relevant year to be Nil. The assessee was asked to submit various details regarding copy of sale agreement and allotment letter of flat at Jaypee Greens, Noida along with source of investment, details of instalments paid by the assessee against the flat purchased and documentary evidence of sale consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... invited our attention to pages 14, 15, 16 and 17 of the paper book which are the details of information relating to purchase of property filed before the Assessing Officer as sought by him. The Assessing Officer thereafter disallowed the claim made by the assessee under section 54F of the Act. The ld. counsel for the assessee has further contended that the reason for initiation of assessment proceedings under section 147 of the Act was that source of investment in immovable property was unverifiable, but while completing the assessment, no addition/disallowance under this head was made, instead he disallowed the deduction claimed by the assessee under section 54F of the Act. Therefore, in the light of the judgments of the Hon'ble Gujar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat income might have escaped assessment, is with regard to the purchase amount of ₹ 62,92,500/- and on a perusal of the paper book, we find that all the relevant details in relation to the transaction as specified in the reasons recorded by the Assessing Officer were submitted by the assessee to the Department but while completing the assessment, no addition/disallowance under this head was made. Thereafter the Assessing Officer has proceeded to disallow the claim made under section 54F of the Act which does not form subject matter of the reasons recorded for initiation of proceedings under section 147/148 of the Act. What we are to examine is when on a particular ground or reasons recorded by the Assessing Officer, he reopens the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in agreement with the judgment of the Hon'ble Delhi High Court which has taken similar view in the case of Ranbaxy Laboratories Ltd. vs. CIT reported in 336 ITR 136 wherein the Hon'ble Delhi High Court has observed that the heading of section 147 is "Income escaping assessment" and that of section 148 is "Issue of notice where income escaped assessment". Section 148 is supplementary and complimentary to section 147. Section 147 mandates recording of reasons to believe by the Assessing Officer that income chargeable to tax has escaped assessment. All these conditions are required to be fulfilled to assess or reassess the escaped income chargeable to tax. However, the Legislature could not be presumed to have intended to give blanke ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
