9911796707
TMI Blog2014 (11) TMI 595X X X X Extracts X X X X X X X X Extracts X X X X ..... rejected the contention of the Revenue that it should be assessable as income of the year relevant to the assessment year 2006-2007. 2. The respondent/assessee is a Company engaged in the business of manufacturing and trading. In respect of the Assessment Year 2006-2007, returns were filed on 13.04.2007, declaring loss of Rs. 19,64,300/-. The same was summarily processed on 22.8.2007 and the assessee's income was assessed at Rs. 10,79,320/-. Thereafter, the Assessing Officer was of the opinion that the income of the assessee, liable to be assessed under the head long term capital gains of Rs. 10,11,12,800/-, had escaped assessment. This prompted him to issue notice under Sec.148 of the Income Tax Act dated 24.12.2010 on the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r assessment year 2008-2009 holding that the long term capital gains are to be substantively assessed in the said assessment year. In the order dated 16.5.2012, the Commissioner of Income Tax (Appeals) held that capital gains in respect of transfer of property should be assessed during the year 2008-09, as it satisfied all the conditions required under sec.53A of the Transfer of Property Act as well as under section 2(47)(v) of the Act. The assessee has complied with the requirements of Law during the assessment year 2008-09. 6. The specific finding given by the Commissioner of Income Tax (Appeals) to the Assessing Officer is to treat the income offered on capital gains for the assessment year 2008-09 on substantive basis and not on protec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is ground of appeal is allowed". 7. In view of above order, which has become final and not appealed by the Department, the Tribunal held that the Order of the Commissioner (Appeals) insofar as the Assessment Year 2008-09 treating it as substantive assessment and not on presumptive is correct basis and that the Revenue has no justification to claim that the capital gains on transfer of property should be reckoned in respect of assessment year 2006-07. 8. We perused paragraph 5 of the Tribunal Order, which reads as follows: "5. In the course of hearing, the only argument advanced by the Revenue is that the CIT(A) has wrongly held that the long term capital gains assessed by the Assessing Officer, are not liable to be assessed in assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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