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TMI Blog2019 (12) TMI 578X X X X Extracts X X X X X X X X Extracts X X X X ..... year. To put the entire issue beyond the possibility of doubt or debate, we issue such directions. We are informed that subsequent to the Tribunal passing the impugned judgment, the Assessing Officer has already passed a fresh order of the assessment for the assessment year 2003-04 taxing the capital gain in the said year. - INCOME TAX APPEAL NO.463 OF 2017 - - - Dated:- 22-7-2019 - AKIL KURESHI AND S.J. KATHAWALLA, JJ. Mr. Arvind Pinto, for Appellant. Ms. Neelam C. Jadhav, for Respondent. ORDER P.C.: 1. This Appeal is filed by the Revenue to challenge the judgment of the Income Tax Appellate Tribunal ( the Tribunal for short). The Appeal a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year, the assessee s transaction of sale of immovable property can be brought to capital gain tax. Initially, the assessee had contended that the same would be in assessment year 2007-08. However, much later before the Income Tax Appellate Tribunal, the assessee raised additional contention stating that the development agreement was executed during the period relevant to assessment year 2003-04. The assessee relied on the decision of the Division Bench of this Court in case of Chaturbhuj Dwarkadas Kapadia Vs. CIT (Bom) and pointed out that even possession of the land in question was handed over to the developer. The Tribunal allowed the assessee to raise the additional contention and also accepted the contention placing reliance on the dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee 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 Tribunal passing the impugned judgment, the Assessing Officer has already passed a fresh order of the assessment for the assessment year 2003-04 taxing the capital gain in the said year. It is therefore, clarified that the above direction would operate from the date of the judgment of the Tribunal, which in any case the Tribunal ought to have issued. In the result, the Appeal is disposed of in above terms. - - TaxTMI - TMITax - Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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