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TMI Blog2023 (3) TMI 402X X X X Extracts X X X X X X X X Extracts X X X X ..... eedings being unaccounted investment in purchase of land - Admittedly, the appellant has been granted relief by deleting the disputed quantum addition in respect of one transaction. However, the 2nd transaction has been confirmed. CIT (A) further observed that there is no bar in holding that more money exchanged hands which partakes character of payment though connected to transaction but not in respect of consideration. The appellant is obliged to tender explanation about source of this extra money which he has failed. There is no infirmity or perversity in the finding of the Ld. CIT(A) to the facts on record in sustaining the action of the AO in respect transaction dated 08/06/2009. Accordingly, the AO is directed to recalculate the amount of extra money/premium/on Money invested by the appellant in this transaction and accordingly reduce the addition made in the assessment. - I.T. A. No. 198/Asr/2019 - - - Dated:- 28-2-2023 - Dr. M. L. Meena, Accountant Member And Sh. Anikesh Banerjee, Judicial Member For the Appellant : Sh. P. N. Arora, Adv. For the Respondent : Mrs. Kanchan Garg, Sr. DR ORDER PER DR. M. L. MEENA, AM: The present appeal has been f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reopening by observing as under: 4.6 I have given careful consideration to the facts of the case and the point of law involved in this matter. The important issue to be decided is whether or not the order of CIT(A) dated 11/02/2016 as discussed above constitutes to be the directions issued in the terms of section 150 (1) of the Income Tax Act to bring into tax the income of the appellant as has been done by the Assessing Officer. Provision for cases where assessment is in pursuance of an order on appeal, etc. 150. (1) Notwithstanding anything contained in section 149, the notice under section 148 may be issued at any time for the purpose of making an assessment or reassessment or re-computation in consequence of or to give effect to any finding or direction contained in an order passed by any authority in any proceeding under this Act by way of appeal, reference or revision [or by a Court in any proceeding under any other law], (2) The provisions of sub-section (I) shall not apply in any case where any such assessment, reassessment or re-computation as is referred to in that subsection relates to an assessment year in respect of which an assessment, reass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tainty and finality to legal proceedings and to avoid exposure to risk of litigation to litigant. Proceedings, which have attained finality under existing law due to bar of limitation cannot be held to be open for revival unless the amended provision is clearly given retrospective operation so as to allow upsetting of proceedings, which had already been concluded and attained finality. The amendment to sub-section (1) of Section 150 is not expressed to be retrospective and, therefore, has to be held as only prospective. The amendment made to sub-section (1) of Section 150 which intends to lift embargo of period of limitation under Section 149 to enable Authorities to reopen assessments not only on the basis of Orders passed in proceedings under the I.T. Act but also on Order of a Court in any proceedings under any law has to be applied prospectively. Therefore, even as per rule, strict construction and limitation of section 149 applies until and unless ingredients of section 150(1) is fulfilled. 4.6.3 Therefore, it is settled that the term finding and direction lias to be a specific finding and direction. They cannot be incidental; rather finding and direction should be of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue, perusal of the material on record, impugned order, and case law cited before us we find no error or legal infirmity in the finding of the Ld. CIT(A) on the legal issue of validity of reopening of the assessment u/s 147 of the act. The section 150(1) of the act states that Notwithstanding anything contained in section 149, the notice under section 148 may be issued at any time for the purpose of making an assessment or reassessment or re-computation in consequence of or to give effect to any finding or direction contained in an order passed by any authority in any proceeding under this Act by way of appeal, reference or revision [or by a Court in any proceeding under any other law], In the present case, purchase transactions of the-appellant were dated 18.02.2009 falling in AY 2009-10 and second transaction was dated 08.06.2009 falling in AY 2010-11. The period of limitation as per the provisions of the Income Tax Act for reopening assessment for the assessment year 2010-11 was to expire on 31/03/2017. The Assessing Officer has issued notice u/s 148 of the Action that date, therefore in respect of 2nd transaction dated 08/06/2009 the notice of reassessment was issued well within ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion dated 08.02.2009 stands deleted. 7. The ld. Counsel challenged the order of the CIT (A) on facts and law in giving a direction in deciding Ground of Appeal No.3 to re-calculate the extra money/premium invested by the appellant in the transaction dated 08- 06-2009 although the said transaction of purchase of property related to AY 2010-11. 8. The Ld. DR stands by the CIT(A) order. 9. Heard. Admittedly, the appellant has been granted relief by deleting the disputed quantum addition in respect of one transaction. However, the 2nd transaction has been confirmed. The Ld. CIT (A) further observed that there is no bar in holding that more money exchanged hands which partakes character of payment though connected to transaction but not in respect of consideration. The appellant is obliged to tender explanation about source of this extra money which he has failed. In our view, there is no infirmity or perversity in the finding of the Ld. CIT(A) to the facts on record in sustaining the action of the Assessing Officer in respect transaction dated 08/06/2009. Accordingly, the Assessing Officer is directed to recalculate the amount of extra money/premium/on Money invested by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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