TMI Blog2018 (2) TMI 1790X X X X Extracts X X X X X X X X Extracts X X X X ..... The cold storage was sold as a whole and constituted plant under section 43(3) of the Act. The term “plant” has been interpreted as including cold storage building also and this line of reasoning is established by the Hon'ble jurisdictional High Court in the case of CIT vs. Kanodia Cold Storage [1974 (5) TMI 18 - ALLAHABAD HIGH COURT]. Thus provisions of section 50C of the Act is not applicable to the cold storage building so to substitute actual sale consideration by deemed sale consideration and the order of the Assessing Officer passed under section 147/143(3) of the Act cannot be a subject matter of section 263 - Decided in favour of assessee. - ITA No.260/LKW/2016 - - - Dated:- 21-2-2018 - SHRI. T.S. KAPOOR, ACCOUNTANT MEMBER A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rm in assessment year 2009-10. The Assessing Officer has accepted this claim of the assessee and completed the assessment on the returned income. The Principal Commissioner of Income-tax-1, Kanpur observed that as per sale deed executed on 8/6/2009, the assets sold by the assessee included land and building and machinery. The sale value of these assets, for stamp duty purposes, is as under:- Sale of land Rs.91,84,000/- Sale consideration Rs.2,35,91,700/- Sale of Machinery Rs.11,65,000/- Sale of trees Rs.1,82,000/- Total Rs. 3,41,23,200/- 4. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 4 of the paper book which is the detailed reply filed by the assessee. The ld. A.R. of the assessee vehemently argued that the assessment order was passed after taking into consideration and conducting relevant enquiries as is evident in the notice issued under section 142(1) of the Act on 24/12/2013 wherein the Assessing Officer had asked for various details relevant to bring out whether the income chargeable to tax has escaped assessment. The ld. A.R. of the assessee submitted that the observation of the Pr. CIT that the order passed by the Assessing Officer was without conducting any enquiry is not at all correct and there is also no application of provisions of section 50C in this case. The ld. A.R. of the assessee placing reliance up ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corded for issuance of notice under section 148 of the Act, which is placed at page 2 of the paper book and reply furnished by the assessee to notice under section 142(1) of the Act, which is placed at page 4 of the paper book and also assessment order passed by the Assessing Officer. We also find place therein the copy of sale deed, which is placed in the paper book from pages 7 to 97 and copy of financial statement of account along with Schedule 4 to the balance sheet, which is placed at page 110 of the paper book. The factors narrated above would conclusively establish that the assessment was framed after due enquiry/investigation by the Assessing Officer. We further find that section 50C speaks about transfer of land or building or bo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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