TMI Blog2020 (10) TMI 1206X X X X Extracts X X X X X X X X Extracts X X X X ..... bove that the above capital gains have already been subjected to tax in the subsequent assessment years AY 1988-1999 to 2000-2001. He submitted that for the present assessment year AY 1997-98, even though the Assessing Authority himself has accepted that there were no transfer of land in the Joint Venture Agreement for development of the property had taken place in this AY 1997-98, still by resort ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quoted below for ready reference: 12.On a consideration of the rival submissions and facts and circumstances of the case and material on record including the precedents, we are of the view that sec.263 order is to be quashed. The reason being that the AO while reframing the assessment; u/s. 143(3) r.w. Sec. 147 perused the material available on record and came to a definite conclusion that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spute. Under the circumstances the order u/s 263 cannot be said to be prejudicial to the interests of Revenue. Hence, we agree with the vehement contention of the ld. Counsel and quash the sec.263 order passed by the ld. CIT in respect of both the assessees herein. Accordingly assessees' appeals in ITA Nos.859 860 / Mds/ 07 are allowed. 13.Coming to the assessee's appeals against s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he ground that the order of reassessment proceedings cannot be treated as prejudicial to the interest of revenue. 3.The learned counsel for the Assessees Mr.R.Sivaraman has brought to the notice of this Court that both the respondents - Assessees viz., mother and son, Smt.Varandhini Raghavan and R.Madhavan have unfortunately now expired. He further submitted that no question of law arising i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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