New User   Login      
Tax Management India .com TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2017 (2) TMI 513 - BOMBAY HIGH COURT

2017 (2) TMI 513 - BOMBAY HIGH COURT - TMI - Reopening of assessment - assessee is not entitled to benefit of cost of acquisition of land as claimed by the petitioners during the regular assessment proceedings - Held that:- The jurisdiction to issue a reopening notice would arise if the Assessing Officer has reasonable belief that the income chargeable to tax has escaped assessment. This belief cannot be based on mere change of opinion i.e. the issue of reopening notice as recorded in the reason .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he Tribunal have on facts held that the issue raised in reopening notice was subject matter of consideration in the regular assessment proceedings leading to an order under Section 143(3) of the Act. Therefore, it is clear case of change of opinion. Nothing has been shown to us that the concurrent findings of the CIT (A) and the Tribunal is perverse. - Income Tax Appeal No. 1340 of 2014 - Dated:- 1-2-2017 - M. S. Sanklecha And A. K. Menon , JJ. Mr. Ashok Kotangale i/b Ms. Padma Divakar for the a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f assessment was bad in law on the ground of change in opinion even though the Assessee Company had wrongly claimed deduction of ₹ 1,27,14,993/as indexed cost of land while computing Long Term Capital Gain on transfer of Land Development Rights alone as the ownership of land remained with the Assessee Company ? 3. The impugned order of the Tribunal dismissed the Revenue's appeal by upholding the order of the Commissioner of Income Tax (Appeals) [CIT (A)] and holding that reopening proc .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e Tribunal reads as under : In this case the assessment order for Assessment Year 200304 under Section 143(3) was passed on 28th March, 2006 determining assessed income at ₹ 1,90,65,499/. In the assessment order by invocation of the provisions of Section 50C (1) of the Act, the long term capital gain on transfer of land development rights (LDRs) was computed at ₹ 3,46,02,007/. It is seen from the records that the assessee is covered by the Urban Land Ceiling Act, it has restrictions .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ing the entire course of appellate proceedings in respect of invocation of the provisions of section 50C for computation of capital gains has consistently maintained that as it has sold only the LDRs. and not the land it is still the owner of the land. The deduction of indexed cost of acquisition of the land at ₹ 1,27,14,993/in the assessment order was therefore incorrect. 5. Both the CIT (A) as well as the Tribunal have on examination of the records reached the conclusion that the very is .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version