9911796707
TMI Blog2021 (9) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... de on substantive basis in Assessment Year 2012-13 which is not controverted by Revenue. We, therefore, direct the Assessing Officer to delete the addition made in this year on protective basis after verifying that the income of the assessee has been assessed to tax in the correct Assessment Year i.e.2012-13. The appeal of the assessee is partly allowed in terms as indicate above - ITA No. 4274/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itrary, illusory and the assessment deserves to be quashed. 3. The action of the lower authorities in not accepting the long term capital gains declared by the assessee in the relevant assessment year at ₹ 1,65,96,121/- but holding that this is taxable in AY 2013-14 is unjust, illegal, arbitrary, illusory and the capital gains may be held to be taxable in this year alone. 4. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made by the assessee in a residential house is not covered u/s 54 and there by disallowing the deduction is illegal, unjust, arbitrary, illusory and the' same may be directed to be allowed 8. Appellant craves leave to add, alter, modify or delete any ground of appeal either before or at the time of hearing of the appeal. 2. The facts giving rise to the present appeal are that retur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Assessing Officer made assessment on protective basis and recorded that substantial assessment will be made in Assessment Year 2012-13 for which re-assessment proceedings have already been initiated. 3. At the outset, Ld. Counsel for the assessee submitted that in the year under consideration, the addition was made on the protective basis only. He submitted that the assessment of income of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar on protective basis after verifying that the income of the assessee has been assessed to tax in the correct Assessment Year i.e.2012-13. The appeal of the assessee is partly allowed in terms as indicate above. 6. In the result, the appeal of the assessee is partly allowed. Above decision was pronounced on conclusion of Virtual Hearing in the presence of both the parties on 31st August, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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