9911796707
TMI Blog2023 (10) TMI 558X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment record made available by DR, are considered, it is apparent that the failure has been attributed to the assessee for not disclosing fully and truly all material facts. CIT(A) during the first appellate proceedings observed that the issue has arisen only out of audit objections and in regard to which even there was an office note from the ACIT wherein nothing adverse was noticed so requiring no action. It appears that merely on the basis of borrowed satisfaction the reopening was initiated. CIT(A) has also taken into consideration the fact that even there were rectification proceedings u/s 154 initiated by AO in which too the information provided by the assessee was duly taken into consideration and no mistake was found in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessment completed u/s 143(3) of the Act on 23.12.2010. The assessee had reflected the transaction of sale of land subsequently, there was a survey u/s 133A at the business of Smt. Bhawna Jain Props. M/s. Aakash Metal Industries, Hansi from where copy of registration deed no. 5381 dated 21.02.2008 was found and impounded. The deed disclosed the sale of 16 Kanal 5 marlas i.e. 9831 square yards land by assessee to M/s. Amazon Enterprises Pvt. Ltd. for Rs. 4,81,73,125/- . Ld. AO observed that while claiming exemption u/s 54B of the Act benefit was also taken in respect of advance Rs. 55 lakhs made for purchase of a piece of land. It is also observed that in the sale deed executed by the vendor Sh. Balwant Singh advance Rs. 55 lakhs is not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2008 after withdrawing Rs 50,00,000.00 from cash Book. b) Copy of date wise capital A/c of the assessee clearly depicts Rs 5500000/- given as advance to Sh. Balwant Singh had been submitted and placed on file. c) Copy of bank certificates for deposit Rs 22000000/- in capital gain a/c in PNB clearly shown in computation of income and Bank Certificate was submitted at the time assessment. d) This fact is also supported by the office note of Learned ACIT and from the notice issued under 154 of the Income Tax Act in which Capital Gain account No. are clearly mentioned. e) Before disposing of objections to the initiation of proceedings u/s 147, assessee again submitted copy of capital gain a/c in response to notice clearly me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed u/s 143(3)/147 of the Income Tax Act, 1961 without appreciating the facts that the AO has mentioned the detailed facts in assessment order itself. 2. On the facts and in the circumstances of the case, the Ld. CIT (Appeal) has erred in accepting the version of assessee filed before the Ld. CIT(A) without appreciating the facts that the facts has been discussed in length in assessment order itself. 3. The A. 0 has rightly disallowed the deduction claimed u/s 54 B of the Income Tax Act, 1961 and the facts has not been appreciated by the Ld. CIT (Appeal) while deciding the appeal. 4. On the facts and in the circumstances of the case, the Ld. CIT (Appeal) has erred in quashing the order u/s 143(3)/ 147 of the Income Tax Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the appeal is disposed off. 4.1 The assessee has also filed cross objections supporting the findings of ld. CIT(A). 5. Heard and perused the record. 6. Ld. DR primarily submitted that Ld. CIT(A) has failed to appreciate the fact that under original assessment u/s 143(3) the issue of allowability of exemption was not duly examined and Ld. CIT(A) has heavily relied Annotated Report of DCIT dated 13.08.2012 which was a mere internal document. Ld. AR however, supported the findings of Ld. CIT(A). 7. Giving thoughtful consideration to the matter on record and submissions it comes up that in the computation of income filed at the time of original assessment available at page no. 100-102 of the paper book, the assessee had given t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
