9911796707
TMI Blog2019 (9) TMI 557X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee was allowed on the preliminary ground of maintainability (without touching issue on merits). 2. Brief facts are that the respondent sold the property called 'Gupta House' situated at Kherki Daula, NH-8, Gurgaon on 24.2.2009. He filed his return on 12.10.2012 for A.Y 2009-10 declaring income of Rs. 56,74,539/- under the heads 'income from house property', Rs. 2,93,704/- as 'income from other sources' and Rs. 10,67,16,676/- as 'long term capital gain' totaling Rs. 11,26,84,919/- . He claimed to have sold an immovable property for a consideration of Rs. 21.5 crores and further claimed that the cost of acquisition and cost of improvement after indexation came to Rs. 5,99,74,218/-. Thus, he claimed d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... impugned assessment order and that too without complying the mandatory conditions Sections 147 to 151 of the Income Tax Act 1961 and reasons recorded are invalid in the eyes of law and reopening of the case and framing the impugned assessment order is bad in law and beyond the jurisdiction. 4. That in my case and in any view of the matter, the action of Ld. AO in framing the impugned assessment order us 14" and that too without complying with mandatory conditions of Section 147 to 151 is had to law and against the facts and circumstances of the case. 5. That having regard to the facts and circumstances of the case. Ld. A.O. has erred in law and on facts. In denying the benefit deduction of Rs. 4,83,09,106/- u/s 54 of the Income Tax A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld an industrial property consisting of property named - `Gupta House' at 42 Rri Milestone, Village Kherki Daula, for Rs. 21.5 crores. The indexed cost of acquisition of this property was claimed at Rs. 5,99,74,218/-. Net capital gain for the year under consideration as per the return of the assessee is Rs. 15.50 crore. The assessee is also holding 8 flats in his name, out of which, 7 are in DLF Park Place. DLF City, Phase-V, Golf Course Road; Gurgaon and 1 flat in The Belaire, DLF City Phase-V, Golf Course Road, Gurgaon. Further, the assessee has claimed deduction u/s 54 of the I.T. Act, 1961 on the basis of amount invested in two flats, viz Flat No.D-153. DLF City and Flat No.B-1916, DLF City, Gurgaon, total investment amounting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered area 1988.948 sq. meters. The industrial land and building known as "Gupta House"." 6. Learned Senior counsel appearing for the respondent is not in a position to deny the extract from the same. 7. In this view of the matter, it is clear that an illegal set off was sought to be claimed by the respondent (which probably succeeded because of the misleading appellation of the property in the dispute viz. 'Gupta House'). We set aside the finding of the Tribunal that there were no reasons for Assessing Officer to believe that income chargeable to tax had escaped assessment. 8. Facing this, learned Senior counsel for the respondent has argued that in the penultimate paragraph of the impugned order, the Tribunal had noticed that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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