9911796707
TMI Blog2013 (9) TMI 685X X X X Extracts X X X X X X X X Extracts X X X X ..... wing substantial questions of law:- "1. Whether on the fact and circumstances of the case Income Tax Appellate Tribunal was justified in concluding that there was no extinguishment of right in the property, in question, by the assessee and no transfer of capital asset within the meaning of Section 2(47)(ii) of the Income Tax Act, 1961 during the previous year relevant to the assessment year 1995-96. 2. Whether on the fact and circumstances of the case Income Tax Appellate Tribunal has not erred in law in holding that vide original agreement dated 29.12.1994 registered on 04.01.1995 it was only intended to transfer the impugned property and the transfer took place after March 1997, only, on the basis of a certificate dated 29.08.2000 issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perty Act, the transfer took place during the previous year itself in view of the provisions of Section 2(47) of the Act. Being aggrieved, the assessee has filed an appeal before the CIT(A), who had set aside the assessment order with a direction to the Assessing Officer to frame the same de-novo. Accordingly, in the second round, vide order dated 26.03.2002, the Assessing Officer has framed the assessment, where he has worked out cost of acquisition after considering the circle rate of residential land at Meera Bai Marg w.e.f. 01.04.1981. Finally, the Assessing Officer has worked out the total income of the assessee at Rs.24,98,920/-, which include rental income at Rs.37,776/- and long term capital gains at Rs.24,61,147/- and made the add ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id, yet once it is registered it takes the effect from the date of execution." Lastly, he submits that in the instant case, the agreement in question was not a registered documents. On the other hand, none appeared on behalf of the assessee, though the name of Sri Mudit Agarwal is printed in the cause list. After hearing learned counsel for the Department and on perusal of the record, it appears that in the instant case, the Assessing Officer has passed an order under Section 143(3)/144/148/251 of the Income Tax Act, 1961, as mentioned by the CIT(A) in his order. But fact remains that if return was not filed then assessment order could not have been passed ex-parte under Section 144. If the return was filed, assessment order could have be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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