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TMI Blog2024 (12) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... t on the basis of sale of immovable properties worth Rs. 1,33,00,000/-, the assessee was show caused for the purpose of section 147 of the Act and, accordingly, the notice u/s 148 dated 29.03.2022 was issued. While in notice u/s 148A(b), AO had relied information of sale of immovable property worth 43lacs, received, from Sub-registrar and the TDS return filed u/s 194IA of the Act, was also considered to be sale of immovable property, while it was, in regard to TDS deduced as purchaser. Thus it was not a case of capital gain of Rs 1,33,00,000/- escaping assessment, as alleged in notice under clause (b) of section 148A of the Act. It is no doubt a case of mechanical reopening, as the AO, did not even bother to differentiate, on the two differ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 01.03.2023 and the impugned assessment was completed on 26.03.2023. 2.1 The AO had examined the transaction of purchase of immovable properties worth Rs. 43 lakh and Rs. 90 lakh, respectively. It came up in the assessment proceedings that the assessee had sold one property on 10.09.2014 for an amount of Rs. 43 lakh which was purchased on 11.08.2009 for an amount of Rs. 15 lakhs and that during the year the assessee had purchased another property on 19.09.2014 for an amount of Rs. 90 lakhs. The assessee had claimed that Rs. 43 lakhs, from the sale of immovable property and Rs. 14,98,000/- from sale of jewellery was used for the purpose of purchase of new immovable property of Rs. 90 lakhs. As per the AO, the remaining amount of Rs. 35,61,50 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2 Impugned Assessment order dated 26.03.2023 passed u/s 147/144B is invalid being based on invalid notice issued u/s 148 of 1961 Act dated 29.03.2022 which is patently in violation of CBDT guidelines dated 01.08.2022 and without mandatory supply of sanction u/s 151 which is held as fatal to reopening, thereunder; therefore first appeal order dated 06.03.2024 is also invalid. Both order may please be quashed and set aside. 1.3 Impugned Assessment order dated 26.03.2023 passed u/s 147/144B is invalid being based on invalid notice issued u/s 148 of 1961 Act dated 29.03.2022 which lacks valid/requisite legal foundation and thereunder; therefore first appeal order dated 06.03.2024 is also invalid. Both order may please be quashed and set aside. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l order dated 06.03.2024 are totally invalid and unlawful in so far as sole /only impugned addition made u/s 69/115BBE is considered which is sustained based on perverse and arbitrary reasoning with no legal weight; PRAYER (RELIEF SOUGHT): A) TO QUASH THE UNDERLYING ASSESSMENT FRAMED BY LD AO FOR WANT OF VALID ASSUMPTION OF JURISDICTION U/S 148 AND SO HELD IMPUGNED FIRST APPEAL /NFAC/CIT-A ORDER U/S 250 IS ALSO INVALID B) TO DELETE THE IMPUGNED ADDITION MADE IN IMPUGNED ASST ORDER AND ARBITRRAILY SUSTAINED IN FIRST APPEAL ORDER C) TO QUASH AND SET ASIDE BOTH LD AO AND FIRST APPEAL ORDERS IN TOTO D) ANY OTHER APPROPRIATE /SUITABLE RELIEF AS DEEMED FIT IN FACTS AND CIRCUMSTANCES OF THE CASE APPELLANT MOST RESPECTFULLY CRAVES FOR LEAVE TO ADD/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erve that while issuing this notice under clause (b) of section 148A of the Act, the AO has mentioned of the fact that the assessee had sold a property worth Rs. 43 lakhs and had sold another property worth Rs. 90 lakhs and, thus, there were escapement of income on the basis of undeclared sale consideration/capital gain. The AO specifically mentions that the income is likely to be escaped is more than Rs. 50 lakhs and is represented in the form of asset. 6. However, as the facts have come up before us and as before the Assessing Officer, that the assessee had merely sold immovable property amounting to Rs. 43 lakhs and, in fact, had invested this amount in purchase of another property of Rs. 90 lakhs leading to an addition of Rs. 47 lakhs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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