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2014 (1) TMI 349 - AT - Income TaxApplicability of Section 50C of the Act – Held that:- CIT(Appeals) considered the issue whether section 50C is prospective or retrospective - the actual dispute is the date of transfer of the property for determination of fair market value - The CIT(Appeals), without considering this important aspect, simply went on whether section 50C of the Act applies prospective or retrospective - Whether the transfer is effected on 26.10.2001 or 22.10.2003 has to be seen in the light of the original agreement entered into upon the assessee - The CIT(Appeals) has not considered the agreement and he also not considered the payment made before registration - no copy of the agreement /sale deed executed by the vendor and vendee has been placed on record - order passed by the CIT(Appeals) set aside and the matter remitted to the CIT(A) for reconsideration. Exemption u/s 54 of the Act – Held that:- The assessee has claimed exemption under section 54 of the Act - The assessee has sold the Visweswarapuram property, which is in dispute for the purpose of determination of fair market value on 22.10.2003 - He has purchased the property at Chamiers Road [Chamiers Road property] and sale deed was executed on 15.07.2002 - The CIT(Appeals) without examining the facts in correct prospective, simply following some case law decided the issue - Even the assessee has not explained as to how the property was purchased prior to the date of sale of Visweswarapuram property is eligible for exemption under section 54 - The issue requires reconsideration afresh – order of the CIT(A) set aside and the mater remitted back to CIT(A) for reconsideration. Mandatory requirement of notice u/s 251(2) of the Act - Income enhanced without giving notice – Held that:- CIT(Appeals) has enhanced the cost of acquisition without issuing notice to the assessee - As per section 251(2), before enhancing any income, a prior notice should be given to the assessee – order of the CIT(A) set aside and the matter remitted for reconsideration – Decided in favour of Assessee and Revenue both.
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