TMI Blog2010 (2) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... tled person, and that such issues had not been examined by the Assessing Officer. The CIT, therefore, came to a conclusion that the order of the Assessing Officer was erroneous and prejudicial to the interest of the Revenue and deserved to be set aside. The assessment framed was, therefore, reopened under Section 263 of the said Act. - Before the Tribunal it was the case of the assessee that the compensation received by him on purchase of the award was offered for tax under the head “capital gains”. – ITAT quashed the order passed u/s 263 by the CIT – held that - , it is apparent that the Tribunal arrived at a conclusive finding that, though the assessment order does not patently indicate that the issue in question had been considered by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsferred 50% of such compensation to the assessee at a sum of Rs 27,00,000/- only, whereas the compensation granted by the Supreme Court in relation to the said land was Rs 1.82 crore. It was further noticed by the CIT that the TDS deducted on the compensation had also been transferred by the said Ashok Kumar Sharma in the name of the assessee. The CIT came to a conclusion that credit of TDS can be transferred mainly to a person who is acting as agent or representative of the entitled person, and that such issues had not been examined by the Assessing Officer. The CIT, therefore, came to a conclusion that the order of the Assessing Officer was erroneous and prejudicial to the interest of the Revenue and deserved to be set aside. The assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s behalf it noted that the Assessing Officer had asked the assessee to submit the Purchase Deed in respect of the purchase of land at village Tughlakabad and that the assessee in response thereto had supplied requisite details and submitted a copy of the High Court's decision in relation to the award of compensation etc. The Tribunal, therefore, came to the conclusion that the complete details were filed before the Assessing Officer and that he applied his mind to the relevant material and facts, although such application of mind is not discernable from the assessment order. The Tribunal held that, the Commissioner in proceedings under Section 263 also had all these details and material available before it, but had not been able to point ou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at would not by itself give occasion to the Commissioner to pass orders under Section 263 of the Act, merely because he has different opinion in the matter" The High Court in the said decision further went on to observe that: "There must be some prima facie material on record to show that tax which was lawfully exigible has not been imposed or that by the application of the relevant statute on an incorrect or incomplete interpretation a lesser tax than what was just has been imposed." 7. In view of the above discussion, it is apparent that the Tribunal arrived at a conclusive finding that, though the assessment order does not patently indicate that the issue in question had been considered by the Assessing Officer, the record showed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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