TMI Blog2011 (3) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... of land - assessee had concealed the particulars of the additional sale proceeds, which were obtained from the seizure of books, the fate of such additional amount will also abide by the result of the earlier concluded proceedings between the parties – Appeal dismissed - ITA No. 104/2004 - - - Dated:- 4-3-2011 - Hon ble Mr. Justice Bhaskar Bhattacharya Hon ble Justice Sambuddha Chakrabarti Appellant: Dr. Debi Prasad Paul, Mr. Ananda Sen. Respondents: Md. Nizamuddin. [Bhaskar Bhattacharya, J.]- This appeal under Section 260A of the Income-tax Act, 1961 is at the instance of an assessee and is directed against order dated October 28, 2003 passed by the Income-tax Appellate Tribunal, D Bench, Calcutta, in ITA No.43 (Kol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deration on the sale of land was sought to be taxed and subsequently quashed and/or reversed by the Tribunal, the Assessing Officer had any competence, jurisdiction and authority under Section 148 to reopen the proceeding on a mere change of opinion when there was no new or fresh information before him while making reassessment but which was there at the time of making the original assessment? The facts giving rise to filing of this appeal may be summed up thus: (a) The assessee filed the original return of income on 31st March, 1994 showing net loss of Rs.5,77,036/-. The assessment was completed under Section 143(3) of the Act on 22nd March, 1995 computing the net total income of the assessee as Rs.11,33,500/-. Being aggrieved by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the sale proceeds of receipt on account of sale of plots of capital gains tax but this was rejected and it was tax as revenue receipts. Finally, the Tribunal also found that it cannot be taxed as revenue receipts. The assessee is still prepared to pay capital gains tax on the sale proceeds on account of sale of plots of land. The learned counsel for the revenue has not seriously objected in case the assessee is prepared to pay the capital tax on the sale proceeds of the plots in question. (e) In the meantime, the original assessment order was reopened under Section 147 by issuing a notice under Section 148 of the Act after recording the following reasons: The assessee owns a Brick Field at Behala. He entered into an understanding wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f CIT (A) and the Assessing Officer in the original proceeding. The Assessing Officer held that as the issue in regard to the income from other sources for Rs.9,87,000/- was sub-judice before the High Court, for protection of the interest of the Revenue, the additional amount of Rs.6,58,000/-was also considered as income of the assessee from other sources. (h) Being dissatisfied, the assessee preferred an appeal before the CIT (A) and the CIT (A) by his order dated October 30, 2002 was of the opinion that the appeal of the Revenue from the original order and the resultant order having been merged with the order of the High Court, the cause of action for initiating the proceeding under Section 148 did not survive. The CIT(A) thus allowed t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of Rs.16,45,000/- was available in the assessee s account in the original return, 2) whether while computing the sum of Rs.9,87,000/- from undisclosed sources, the additional income was also considered by the Assessing Officer and 3) if this was not considered, in that case, he should give a finding of fact that additional income was not disclosed by the assessee in the original return which had necessitated action to be taken under Section 148 and recompute the additional income of the assessee as provided by the law. 3. Being dissatisfied, the assessee has come up with the present appeal. 4. After hearing the learned counsel for the parties and after going through the materials on record, we find that in the earlier procee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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