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TMI Blog2022 (12) TMI 402X X X X Extracts X X X X X X X X Extracts X X X X ..... payments are shown. In agreement, it is stated that the possession of the land shall be handed over after execution of the sale deed. In the facts of this case, in the absence of details in the assessment order with regard to the procedure followed and want of reasons whether assessment could be done under Section 147 or 153C which is a question of law, in our considered opinion, same requires to be answered by the ITAT. As pointed out by Sri Aravind that the question with regard to conclusion of assessment in similar case is pending consideration which has been heard and reserved for orders by the Apex Court. Thus the matter requires consideration in the hands of the ITAT. Accordingly, this matter is remitted on the file of the ITAT fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 2. Shri Chandrashekar for the assessee submitted that during search in the premises of M/s Davanam Jewellers Pvt. Ltd. on 02.09.2010, an undated 'agreement to sell' entered into between the assessee and M/s Sobha Developers Limited in respect of property measuring 52152 sq. ft. of land mentioned in the schedule to the agreement was found. Without following due process, the Assessing Officer issued notice under Section 148 of the Income Tax Act holding that the sale was complete and asssessee was liable for capital gains tax for A.Y.2006-07 and concluded the assessment. He also concluded protective assessment for A.Y. 2007-08. Assessee challenged both the orders before the CIT(A). The CIT(A) by two different orders upheld the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ses of M/s Davanam Jewellers Pvt. Ltd., the assessment was reopened for A.Y.2006-07. The assessment order does not indicate the procedure followed in re-opening the assessment. In addition protective assessment for A.Y.2007-08 has also been completed. 7. We have perused the agreement. Shri Chandrashekar is right in his submission that though the agreement is undated, the stamp paper bears the date of purchase as October 9th, 2009. In paragraph 2 of the agreement, the details of the payments are shown. In paragraph 9 of the agreement, it is stated that the possession of the land shall be handed over after execution of the sale deed. In the facts of this case, in the absence of details in the assessment order with regard to the procedure f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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