9911796707
TMI Blog1996 (11) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... answer with regard to the assessment proceedings for 1984-85 and 1985-86 : "1. Whether, on the facts and in the circumstances of the case and on an interpretation of section 143(2)(b) of the Income-tax Act, the Tribunal is right in law and fact in holding that 'the reopening under section 143(2)(b) of the Income-tax Act, was bad in law' ? 2. Whether, on the facts and in the circumstances of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to tax, the gains arising out of the sale of agricultural lands. The Income-tax Officer under the above provision after the proceedings of assessment were completed under section 143(1) of the Act. The first appellate authority considered this to be bad in law and held that the transfer of agricultural lands did not give rise to any capital gains. The Income-tax Appellate Tribunal appears ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... court in CIT v. T. K. Sarala Devi [1987] 167 ITR 136, and on the second count with regard to the reopening under section 143(2)(b) of the Act relied upon the decision of the Tribunal itself. On going through the three orders for both the assessment years, we find that this court (one of us---myself dictated the judgment) in I. T. R. No. 146 of 1987, CIT v. R. Krishnarajunan [1997] 225 ITR 510, on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce to section 143(1) of the Act, that the summary procedure does not require the presence of the assessee or the production of any evidence in support of the return and requires the Assessing Officer to act in a summary manner on the basis of the return and its accompaniments. Appreciating the provisions of section 143(2)(b) in the background of the initiation under section 143(1) of the Act it i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd as an independent power based on satisfaction for verification of the correctness or completeness. Thus, it would be found that this court has considered in detail the position of law in I. T. R. No. 146 of 1987, CIT v. R. Krishnarjunan [1997] 225 ITR 510, decided on June 17, 1996. For the above reasons, we answer question No. 1 in the negative, in favour of the Revenue and against the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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