Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2020 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (11) TMI 949 - HC - Income TaxReopening of assessment u/s 147 - assessee has not disclosed the fact regarding handing over of possession of the property to the developer pursuant to JVA - tribunal holding that disclosure of JVA and advance receipt from JVA amounts to disclosure - whether handing over of possession which would amount to transfer under Section 2(47) liable for capital gains was not disclosed by the assessee? - HELD THAT:- From perusal of the reasons recorded by the Assessing Officer while re opening the assessment, it is evident that Assessing Officer has recorded a finding that due to non disclosure of transaction of joint development agreement entered into by the assessee with M/s Godrej Properties Ltd. on 22.01.2004, towards transfer of land, the income has escaped assessment. AO has recorded reasons for arriving at the conclusion that income has escaped assessment. Once the Assessing Officer records the reasons that he has reason to believe that income has escaped assessment, it confers jurisdiction to re open the assessment. However, the tribunal in a cryptic and cavalier manner without adverting to the reasons assigned by the Assessing Officer held that AO has not mentioned therein anywhere that the assessee has failed to disclose truly and fully all material facts necessary for computing its income due to which the income has escaped tax. Thus, from the perusal of the order passed by the tribunal, it is evident that the order passed by the tribunal suffers from the vice of non application of mind and the finding recorded by it referred to supra is perverse. Decided in favour of the revenue.
|