9911796707
TMI Blog2021 (12) TMI 1398X X X X Extracts X X X X X X X X Extracts X X X X ..... hased a piece of land measuring 52152 sq.ft. known as Minerva Mills Property from M/s.National Textile Corporation Limited (NTCL) for a consideration of Rs.8,90,00,000. The assessee firm entered into an agreement dated 16.03.2009 with M/s. Sobha Developers Limited (SDL) for the sale of the above property for a consideration of Rs.10,05,00,000 either to SDL or its nominee. The assessee sold the said land by a registered sale deed dated 24.12.2009 to M/s. Vyshnavianand Projects Private Limited, the nominee of SDL for an agreed sum of Rs.10.50 crore. Based on the sale agreement dated 16.03.2009, the Assessing Officer was of the opinion that the assessee had transferred the land purchased from NTCL to SDL during the financial year relevant to a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ideration of Rs.8,90,00,000/- in the course of the same search, an agreement dated 16.03.2009 for the sale of above property for a consideration of Rs. 10,05,00,000/- by the Appellant to M/s. Sobha Developers Ltd was also seized vide page no. 62 to 68 of seized material No. A/DJPL/06. As per v of the above agreement which is undated the above consideration has been paid as detailed under: Rs.5,87,50,000/- by cheque No.090884 dated 21.12.2005 drawn on UTI Bank, paid to M/s. NTC at the request of the assessee Rs.2,25,00,000/- by cheque No.25843 dated 29.3.2006 drawn on UTI Bank paid to M/s. Davanam Constructions at the request of the assessee. Rs.1,92,50,000/- by cheque No.076196 dated 06.01.2007 drawn on UTI Bank. This way the assessee" t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment year 2007-2008 by order dated 27.02.2014 by bring to tax Rs.1.15 crore on a protective basis. 5. Aggrieved by the assessment order completed for assessment years 2006-2007 and 2007-2008, the assessee preferred appeals to the first appellate authority. The CIT(A) confirmed the view taken by the Assessing Officer. The CIT(A) held that the assessee was paid a substantial amount by SDL during the relevant assessment year 2006-2007 and delivery of possession and registration was only a formality. Therefore, it was concluded that the sale of property crystallized in the assessment year 2006-2007. 6. As regards the assessment year 2007-2008 is concerned, the CIT(A) confirmed the A.O.'s order, where an identical figure was assessed on a pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned assessing officer was correct in reopening the assessment based on false statements in the reasons Recorded which are material for the purpose of reopening or otherwise. 3. Without prejudice, whether the learned assessing officer was right in law and on facts in reopening the assessment u/s 147 as against initiating proceedings u/s 153C r.w.s. 153A of the and Act and thereby rendering the entire proceeding void ab initio. 4. The appellant craves leave to add, alter, amend, substitute, change and delete any of the grounds of appeal. 5. For the above and other grounds that may be urged at the time of hearing of the appeal, the appellant prays that the appeal may be allowed and justice rendered." 8. On query from the Bench w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act has not been raised before the Income Tax Authorities. The issue raised in additional grounds is a jurisdictional issue, which goes to the root of the matter. Therefore, in the interests of justice and equity, we deem it appropriate, the same needs to be adjudicated first by the Income Tax Authorities. Accordingly, we restore the issue raised in the additional grounds to the files of CIT(A). At this point, we refrain from adjudicating the issue on merits. In the event, the CIT(A) decide the issue raised in additional grounds against the assessee, needless to state that the assessee is at liberty to file a fresh appeal raising all the issues raised in the original grounds and the additional grounds. It is ordered accordingly. 11. I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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