2021 (8) TMI 568

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..... arance JUDGMENT T.S.SIVAGNANAM, J. This appeal, by the appellant/Revenue, filed under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as "the Act"), is directed against the order dated 26.11.2012 made in I.T.A.No.1703(Mds)/2012 on the file of the Income Tax Appellate Tribunal 'D' Bench, Chennai (for brevity "the Tribunal") for the assessment year 2005-06. 2.The appeal .....

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..... completed by order dated 28.12.2007, under Section 143(3) of the Act. The assessment was subsequently reopened under Section 147 and notice under Section 148 of the Act was issued. The Assessing Officer stated that for the subject assessment year, long term capital gain of Rs. 1,62,74,689/- was computed by taking sale consideration of Rs. 1,74,00,000/- and from the copy of the Sale Deed, it is se .....

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..... in the document, upon inspection of the property and not because of under-valuation of the property transferred even after taking the correct built-up area. The Assessing Officer did not agree with the assessee and held that the compounding fee is inclusive of 8% stamp duty and 1% registration fee and therefore, it is clear that it pertains to the value of the property and the amount of Rs. 1,83,8 .....

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..... ideration is not open for revision. Furthermore, the assessee contended that the order passed under Section 147 is bad in law, since the matter was not referred for valuation in terms of Section 50C(2) of the Act. The CIT(A), did not agree with the assessee and dismissed the appeal by order dated 01.06.2012. Aggrieved by the same, the assessee preferred appeal before the Tribunal. 8.The Tribunal .....

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..... e was no case for reopening the assessment. 9.In our considered view, the Tribunal was fully justified in holding that the reopening of the assessment could not have been made in the facts and circumstances of the case and we find no question of law, much less substantial question of law arising for consideration in this appeal. Accordingly, the appeal stands dismissed. No costs.
Case laws, .....

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