Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (11) TMI 976 - ITAT CHENNAIRevision u/s 263 by CIT - Validity of assessment order passed u/s.143(3) r.w.s 147 - LTCG computation - cost of improvement incurred - AO jurisdiction to assess any other income chargeable to tax which has escaped the assessment - belief of escapement of income in respect of cost of improvement - HELD THAT:- The only issue before the AO in the assessment framed u/s.143(3) r.w.s.147 of the Act was bank deposits i.e., holding in savings bank account with HSBC, Chennai wherein total credit transaction in this bank account during the period 01.04.2010 to 31.03.2011 aggregate to Rs.2.29 crores out of which a sum of Rs.26.15 lakhs was cash deposit, was the subject matter of examination. Now, the PCIT want to examine the issue of cost of improvement incurred during the financial year 2004-05 and claimed at Rs.34.34 lakhs. It transpires from the facts of the case that this issue raised by PCIT was never the subject matter of assessment / reassessment framed by AO u/s.143(3) r.w.s. 147 of the Act vide order dated 18.12.2018. Once this is the case, the proposition laid down in the case of Alagendran Finance Ltd., [2007 (7) TMI 304 - SUPREME COURT] is clearly applicable. Hence,we quash the revision order passed by PCIT u/s.263 of the Act and allow the appeal of assessee.
|