9911796707
TMI Blog2014 (5) TMI 236X X X X Extracts X X X X X X X X Extracts X X X X ..... the fact that the assessment as made by the A.O. was not erroneous but also pre-judicial to the interests of the Revenue within the meaning of the provisions of Section 263 of the Act? 2. Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in not taking into consideration the reasons given by the CIT in his notice date 26.03.2008 and 17.11.2008 for initiating proceedings under section 263 of the Act clearly show that these aspects were not looked into at the time of assessment? 3. Whether the CIT rightly exercised the powers vested in him by the provisions of Section 263 of the Act in setting aside the assessment made by the A.O. as the material and evidence on record showed that the assessment was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing authority to reframe the assessment denovo. Being aggrieved by the order, the assessee filed appeal before the Income Tax Appellate Tribunal. The Income Tax Appellate Tribunal by the impugned order has allowed the appeal and has set aside the order of the CIT (Appeal). The Income Tax Appellate Tribunal relied upon the various decisions of the Apex Court and also of the High Court and has recorded the following finding: "We have considered the rival submissions and carefully gone through the material available on record. From the body of the impugned order, it is noticed that the learned CIT discussed the conents of the notice dated 23.10.2008 and 17.11.2008 at pages No. 1 & 2 and thereafter he reproduced the statements of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned counsel for the respondent submitted that the cost of the building as on 01.04.1981 was assessed at Rs. 10,50,000/- and on the basis of which the long term capital gain has been determined at Rs. 19,10,180/- which has been invested on the prescribed security and the exemption has been claimed under section 54 F. The order dated 26.03.2008 which has been cancelled under section 263 was the order passed under section 147 after the re-opening of the case only on the ground that there was non-compliance of Section 50C. There was no issue relating to the determination of the capital gain and the exemption under section 54 F. He further submitted that the material available on the record at the time of the assessment could only be consid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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