9911796707
TMI Blog2019 (12) TMI 578X X X X Extracts X X X X X X X X Extracts X X X X ..... to challenge the judgment of the Income Tax Appellate Tribunal ("the Tribunal" for short). The Appeal arises out of the return of income filed by the Respondent-assessee for the assessment year 2007-08. The question involved is of taxing the capital gain arising at the hands of the assessee for transfer of a long term capital asset. By the impugned judgment, the Tribunal held that the same could b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld have brought such income to tax at least in the assessment year 2003-04. 2. In our order dated 10th June, 2019, we had summerized the position as under and called upon the Respondent to be ready for final disposal of the Appeal : "1. This appeal is filed by the Revenue. 2. The question relates to in which assessment year, the assessee's transaction of sale of immovable property can be b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apital gain tax could have been levied only in the assessment for the assessment year 2003-04. 3. Learned counsel for the Revenue submitted that even if the Tribunal was to make such a declaration, particularly looking to the fact that the assessee had raised such a contention for the first time before the Tribunal materially altering his own contention earlier, the Tribunal ought to have given ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2003-04 outhg to have been granted. In absence of any such specific direction, there is a risk of the assessee arguing that the assessing officer cannot reopen the assessment, since there is no directions issued by the Tribunal for taxing the income for the said year. To put the entire issue beyond the possibility of doubt or debate, we issue such directions. We are informed that subsequent to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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