9911796707
TMI Blog2022 (11) TMI 977X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income Tax Act, 1961 (hereinafter the 'Act') vide order dated 07.12.2019. The original assessment was framed by the AO to verify the 'large other deduction claimed in schedule BP resulting in loss' u/s.143(3) of the Act vide order dated 24.03.2016. 2. At the outset, it is noticed that this appeal filed by Revenue is delayed by limitation by 54 days. Smt. E. Kalaiselvi, D/o.K. Elaiyan, ACIT has filed affidavit stating the fact that the order passed by CIT(A) dated 27.08.2020 was received in the office of CIT on 06.10.2020 and appeal before the Tribunal was to be filed on or before 05.12.2020 but it was filed only on 28.01.2021 and thereby, there is a delay of 54 days. But, it was contended that the delay was due to the spread of Covid-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rieved, assessee preferred appeal before CIT(A). 5. The CIT(A) allowed the appeal of assessee by quashing the reopening of assessment on many facets but one of the facet was that there was no failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment for the relevant assessment year 2013-14 and the original assessment was completed u/s.143(3) of the Act and 4 years have elapsed from the relevant assessment year for reopening of assessment by issuing notice u/s.148 of the Act. The CIT(A) recorded his finding in para 7.6 and quashed the assessment by observing as under:- "7.6 The A.O has examined the issue of long term capital gain during the original assessment proceedings by a specific ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is held that the re-assessment proceedings are not as per law and hence the proceedings initiated u/s 148 and the consequent re-assessment proceedings u/s 143(3) r.w.s 147 are held to be not as per law and therefore annulled. Therefore, these grounds of appeals are allowed. 6. We have heard rival contentions and gone through facts and circumstances of the case. Admitted facts are that the relevant assessment year involved is assessment year 2013-14. The assessee filed its return of income for the relevant assessment year 2013-14 on 30.09.2013 and assessee's case was selected for scrutiny assessment to verify the large other deduction claimed in schedule BP resulting in loss and assessment was made accordingly on 24.03.2016 u/s.143(3) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d three floors of superstructure admeasuring 3000 sqft.(GF:1250+FF:1250+SF:500). ii) The value of the building was valued by the stamp valuation authorities has Rs. 1920538/- and the deficit stamp duty and registration fee of Rs.103820/- was paid by the asessee. iv) The property was transferred without supersturucture, the assessee has demolished the superstructure and used the vacant site as car parking for his hotel business for a period of time. The vacant site only was transferred to the purchaser vide sale agreement dated 16.7.2012. v) The assesse has not shown any income from the materials of demolished building. In view of the above, the value of the building could not be taken into consideration for indexation. Based on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ails for cheque payment. 3) An amount of Rs.2,06,80,811/- has been claimed as deduction under the head "any other amount allowable as deduction". Please submit details there on alongwith proof for the same. 4) Please furnish details of cash deposits made during the year 2012-13 and Source of income for the same. 5) Please submit copy of partnership deed. The above is being reproduced from the order of CIT(A). Once the above factual position is clear and admittedly, the assessment year involved is 2013-14 and notice u/s.148 of the Act was issued on 22.03.2019, which is beyond 4 years from the end of the relevant year and there is no failure on the part of the assessee to disclose fully and truly all material facts necessary for it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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