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PRINCIPAL COMMISSIONER OF INCOME TAX 2, Versus GINGER PROPERTIES PVT LTD

2016 (8) TMI 105 - GUJARAT HIGH COURT

Revision u/s 263 - whether AO failed to make detailed inquiry with respect to issue of capital gain - Held that:- From the record we can see that the Assessing Officer had examined entire transaction including from the point of view of the confirming party receiving considerable portion of the sale proceeds. This is not a case where the Assessing Officer failed to enquire into the transaction at all. Further, the Revenue has not brought anything on record to suggest how the sale proceeds of S .....

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he hands of the assessee. - TAX APPEAL NO. 584 of 2016 - Dated:- 25-7-2016 - MR. AKIL KURESHI AND MR. A.J. SHASTRI, JJ. FOR THE APPELLANT : MRS MAUNA M BHATT, ADVOCATE ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue has challenged judgement of the Income Tax Appellate Tribunal dated 19.02.2016 raising following question for our consideration: Whether the Appellate Tribunal has substantially erred in quashing the order of revision passed by Commissioner of Income Tax u/s. 263 of .....

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e Pvt Ltd. being a confirming party. 3. The issue of taxing the assessee for capital gain on such sale came-up during the course of scrutiny assessment for the assessee's return for the assessment year 2010-11. The Assessing Officer, after raising various queries with respect to the said sale transaction, accepted the assessee's stand and computed the capital gain after giving benefit of permissible deductions considering the sale proceed of ₹ 1.60 crores accruing to the assessee. .....

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ng Officer, therefore, should have made detailed inquires which he failed. CIT (Appeals) was therefore of the opinion that the order of the Assessing Officer was erroneous and also prejudicial to the interest of the Revenue. He, therefore, set aside the assessment and directed the Assessing Officer to carry out fresh assessment after proper inquires. 5. The assessee challenged this order before the Tribunal. The Tribunal, by the impugned judgement, allowed the appeal of the assessee noting that .....

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9,45,664/- it is stated that it is a amount of last year investment there was no new investment made during the year and no amount shown as a investment as on 31.03.2010 balance sheet. 7. The Tribunal was, therefore, of the opinion that the Assessing Officer had raised specific queries which were also replied specifically by the assessee. Thus, this was not a case where the inquires were caused by the Assessing Officer. The Commissioner, therefore, committed an error since the decision of the AO .....

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