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TMI Blog2023 (12) TMI 1130X X X X Extracts X X X X X X X X Extracts X X X X ..... ing adjudication before the appellate authority - HELD THAT:- This court is of the view that the parties need not agitate the factual matrix in this appeal and it would be appropriate to raise all the grounds raised herein before the appellate authority, with whom the appeal is pending, in order to avoid multiplicity of proceedings. Substantial questions of law involved herein are left open to be decided by the appellate authority with whom the appeal against the assessment order passed under section 144 is pending. Accordingly, the appellate authority shall consider the same along with the grounds raised in the appeal and pass appropriate orders, on merits and in accordance with law, after providing due opportunity of personal hearing t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant sent a detailed reply dated 09.09.2019 explaining the source for the cash deposit as sale proceeds of the property which was deposited in his bank accounts. It is stated by the appellant that the 2nd respondent had accepted his explanation. (ii) Subsequently, the appellant had filed his return of income on 10.12.2019 in which, he admitted an income of Rs. 73,00,200/- which included capital gains of Rs. 58,03,763/- on the sale of residential property. However, the Assessing Officer vide assessment order dated 28.12.2019 recomputed the capital gains and determined it as Rs. 1,81,70,256/- as against Rs. 58,03,763/- claimed by the appellant. It is stated that the reason for difference in the amount computed was that the responden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the order passed by the Assessing Officer with a direction to him to revise the assessment, after hearing the appellant. Aggrieved by the order passed by the first respondent, the appellant preferred an appeal in ITA No. 1059/Chny/2022 before the Income Tax Appellate Tribunal, Chennai. However, the Tribunal upheld the order passed by the first respondent, by the order impugned herein. Therefore, this tax case appeal came to be filed at the instance of the appellant / assessee. 3. The following substantial questions of law have been raised in this appeal: (i)Whether the Income Tax Appellate Tribunal is perverse in not considering the facts and circumstances placed which clearly prove the transactions were genuine, bonafide and proper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome Tax is holding that the appellant is entitled to claim exemption under section 54 F only and not under section 54 of the Act especially when the issue is subjudice before the appellate authority by way of statutory appeal? (vii)Whether the impugned order is sustainable in view of the fact that the Tribunal had grossly erred in failing to note that both the Principal Commissioner of Income Tax as well as the Assessing Officer having erroneously passing the respective orders without complying with the mandatory provisions of the Income Tax in the sense that both have disregarded the mandatory directions in the nature of circulars and have committed an act of utter disregard to the mandatory guidelines? (viii)Whether the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s indefeasible right of conducting statutory appeal as contemplated by the Income Tax Act 1961 and the provisions of Constitution of India? 4. Heard both sides and perused the records. 5. It appears that for the assessment year in question, there are two parellel proceedings against the same order of assessment passed by the Assessing Officer viz., (i)an appeal was filed by the appellant / assessee against the order of assessment passed under section 144 of the Act; and (ii) a revision proceedings was initiated by the Principal Commissioner of Income Tax, Chennai, under section 263 of the Act. The present tax case appeal arises out of the challenge to the order passed in the revisional proceedings initiated against the appellant / as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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