9911796707
TMI Blog2021 (6) TMI 1135X X X X Extracts X X X X X X X X Extracts X X X X ..... had entered into a development agreement with one Shri Syed Aqil Faiq to develop the property of the assessee situated at Red Hills, Hyderabad for construction of a complex consisting of residential flats. She agreed to relinquish the rights of ownership over 50% of the built-up area in favour of the developer in exchange for developing the property of the assessee at the cost and expenses of the developer. The agreement was entered into vide registered sale deed No.128/2010 on 29.12.2009 wherein the SRO value of the developed property was determined at Rs.1,15,47,000/- on which stamp duty was paid. 3. Since this information was received by the Assessing Officer and it was found that the assessee has not filed any return of income for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... advance tax liability arises and in view of the same, the provisions contained in Sec.249(4)(b) have no application. 3. The learned Commissioner of Income-Tax (Appeals) erred in holding that the appellant is liable to pay any advance tax and that there was failure as mentioned in Sec.249(4)(b) of the LT. Act. As an alternate the learned Commissioner of Income-Tax (Appeals) ought to have provided property opportunity. 4. The learned Commissioner of Income-Tax (Appeals) ought to have considered each of the grounds agitated before him and decided the appeal on merits. 5. The learned Commissioner of Income-Tax (Appeals) ought to have considered that the Assessing officer wrongly worked out the capital gain; did not allow the amount of de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Therefore, she ought to have filed an application under the proviso to section 249(4)(b) of the Act for exemption from the application of section 249(4)(b) of the Act. In such circumstances, The CIT (A) had no choice but to dismiss the appeal as it was defective. However, purely in the interest of justice and taking the prayer of the assessee into consideration, we set aside the issue to the file of the CIT (A) with a direction to the assessee to file the application under the proviso to section 249(4)(b) of the Act within a period of one month from the date of receipt of this order and thereafter, the CIT (A) shall dispose of such application of the assessee and decide on the issue of exemption from the application of the provisions of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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