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2017 (10) TMI 382 - HC - Income TaxReopening of assessment - computation of cost of acquisition of land for the purpose of computing long term capital gain or loss on sale of such land - Held that:- The petitioner never challenged the order of CIT(Appeals) which was in part against the petitioner. If the petitioner was aggrieved by the directions issued by the CIT(Appeals), it ought to have challenged the same before the appropriate forum. The petitioner having accepted and acquiesced in the order cannot question the wisdom or authority of CIT(Appeals) to issue such directions. Stand of CIT(Appeals) in on one hand annulling the reassessment on the grounds of previously scrutinized claim and no failure on part of the assessee to disclose truly and fully material facts and at the same time directing the reopening of the assessment, was not in any manner incongruent. His observations or conclusions for invalidating the assessment were based on materials which were before the Assessing Officer at the time of issuing the notice for reopening. His directions were based on the materials which came before him during the appellate proceedings. By assessee's own account, correct valuation as on 1.4.1981 of the land in question would be ₹ 108.27 per sq mtr. This would have two elements. One, that the original scrutiny would no longer be valid since there was an outside alien material which had later on come on record and two, that the declaration made by the assessee in the return filed and during the previous assessment proceedings would also be under a cloud. The effect of directions that the appellate authority or the Tribunal may issue during the assessment proceedings, need not be in all cases confined to saving of limitation in terms of section 150 of the Act if the directions are specific, as in the present case which can go beyond mere saving of limitation. - Decided against assessee.
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