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TMI Blog2019 (5) TMI 752X X X X Extracts X X X X X X X X Extracts X X X X ..... ot offer capital gains. The reopening was u/s 148 after issuing notice u/s 147. Thereafter, the assessment was completed u/s 143(3). In such circumstances, what the Commissioner attempted to do by invoking Section 263 of the Act was only to re-appreciate the facts. Since it is not permissible, the appeal does not give rise to any substantial question of law. Hence, it is dismissed. - I.T.T.A. No. 97 of 2019 - - - Dated:- 15-3-2019 - SRI V RAMASUBRAMANIAN, SRI P. KESHAVA RAO, JJ. For The Petitioner : B NARASIMHA SARMA JUDGMENT: ( per V. Ramasubramanian, J) The Revenue has come up with the above appeal under Section 260A of the Income Tax Act, 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the Capital gain has to be taxed as Short Term Capital Gain for the AY 2009-10 with due application of Section 50C of the Income Tax Act, 1961? 2. Heard Mr.B.Narasimha Sarma, learned Senior Standing Counsel for the Department. 3. The respondent/assessee purchased an immovable property along with another person on 17.11.2007. Thereafter, he sold the same to a realtor under a sale deed, dated 18.11.2008, for a sale consideration of ₹ 1.5 crores. According to the Revenue, the market value of the property was ₹ 3,27,70,000/- 4. Since the assessee did not offer capital gains arising out of the sale of the property, in the return of income for the assessment year 2009-10, the case was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceedings and that once there was an application of mind, on the part of the Assessing Officer, it was not open to the Commissioner to invoke the jurisdiction under Section 263 of the Act. The said finding of fact does not give rise to any substantial question of law before us. 10. It is seen from the Order of the Commissioner under Section 263 of the Act that the Assessment was actually reopened on the ground that the assessee did not offer capital gains. The reopening was under Section 148 of the Act after issuing notice under Section 147 of the Act. Thereafter, the assessment was completed under Section 143(3) of the Act. In such circumstances, what the Commissioner attempted to do by invoking Section 263 of the Act was on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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