9911796707
TMI Blog2024 (12) TMI 1172X X X X Extracts X X X X X X X X Extracts X X X X ..... s per notice dated 25.06.2021 u/s 148 of the Act, assessee sold two properties for sale. Assessee in reply dated 31.10.2021 claimed that assessee had 1/6th share in the property. Copies of sale deeds clearly mentioned assessee s shares as 1/6th i.e. 16.69%. T AO in compliance of judgment of Hon ble Supreme Court of Union of India vs. Ashish Aggarwal [ 2022 (5) TMI 240 - SUPREME COURT] and CBDT Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Income Tax Act, 1961 [hereinafter referred to as the Act ] dated 22.03.2024 of the Asst. Commissioner of Income Tax, Circle Int. Tax 1(1)(2) [hereinafter referred as ( Ld. AO )] in pursuance to the direction of learned Dispute Resolution Panel-1, New Delhi under section 144C(5) of the Act for the Assessment Year 2013-14. 2. Brief facts of the case are that on 25.06.2021 notice under section 148 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e as 16.69% or 1/6th. The remaining consideration was attributed to other co-owner, namely Ashok Puri (brother), Anil Puri (brother), and Anuja Puri (sister). Copies of sale deeds were enclosed at pages 21-29 of paper book. Learned AO in compliance with judgment of the Hon ble Supreme Court in the case of Union of India vs. Ashish Aggarwal and pursuant to CBDT Instruction No.1 dated 11.05.2022, co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as notice under section 148 was issued without validity. No reasonable opportunity was afforded by learned AO before passing final assessment order. The learned AO grossly erred in making addition of Rs. 14,39,500/-. 5. Learned Departmental Representative of the Department of Revenue submitted that assessee had sold properties worth Rs. 86,27,000/- and failed to explain the source of investment f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder Clause (B) of Section 148A of the Act and issued fresh notice dated 01.06.2022. Notice dated 28.07.2022 under section 148 of the Act for reopening of A.Y. 2013-14 based on income below Rs. 50,00,000/- is contrary to law. Therefore, the directions of DRP dated 26.02.2024 and assessment order dated 22.03.2024 are illegal and are set aside. 7. In the result, appeal filed by the assessee is allow ..... X X X X Extracts X X X X X X X X Extracts X X X X
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