TMI Blog2023 (1) TMI 951X X X X Extracts X X X X X X X X Extracts X X X X ..... the counsel of the assessee had not made any objection for remanding back the issue before the ld. AO. Needless to say, that the AO shall provide proper and adequate opportunity of being heard to the assessee in set aside proceedings. The evidence/explanation submitted by assessee in its defence shall be admitted by the AO, and adjudicated on merits in accordance with law. We order accordingly. - I.T.A. No.340/Asr/2019 - - - Dated:- 11-11-2022 - Dr. M. L. Meena, Accountant Member And Sh. Anikesh Banerjee, Judicial Member For the Appellant : Sh. Tarun Bansal, Adv. For the Respondent : Sh.Rajiv Wadhera, Sr.DR. ORDER PER:ANIKESH BANERJEE, JM: The instant appeal of the assessee is directed against the order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n and order of A.O require to be set-a-side. 3 . Brief fact of the case is that the assessee s case was reopened u/s 147 on basis of information related to sale of land amount to Rs.40,89,010/-. The assessment was completed after calculation of capital gain by allowing the benefit of index cost of acquisition Rs.1,75,127/-. The addition was fixed amount to Rs.39,15,028/-. The assessee challenged both legal and factual grounds before the ld. CIT(A). The ld. CIT(A) upheld the order of the ld. AO. 4. The aggrieved assessee filed an appeal before us. 5. The ld. Counsel of the assessee filed a paper book which is kept in the record. The ld. Counsel first challenged the legal ground related to jurisdiction for issuance of notice u/s 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agraph: It will include analysis of information collected/received/found by the AO - details of parties involved, nature and details of transactions, details of relied upon material/ document and prima facie conclusion. iv. 4th paragraph: It will contain enquiries made by the AO which must have a 'live link' with the information received/collected/found by the AO. The enquiries may include analysis of return of income, audited P L A/c and balance sheet, assessment folder in cases where assessment have been made u/s 143(3)/ 147 of the Act, information as available on ITBA portal on ITS/ 360 degree profile, enquiry made from other agencies which may include scrutiny of the information available on MCA website, information as avai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in relation to the assets. The AO must highlight that since it is a case of escapement of income in relation to assets located outside India, first Proviso to the section will not apply. 6. The ld. Counsel further argued that the issue was agitated before the ld. CIT(A) but the ld. CIT(A) had not considered the legal issue in the order. 7. The ld. Sr. DR relied on the order of the revenue authorities. The relevant part of the ld. AO is extracted as below: The assessee has not furnished the consideration of purchase rate of this property. So, I apply section 49(1)(iii)(a) for calculating the cost of acquisition of this property market rate as on 1981, the collector rate of the immoveable property for the year 1981 was not avai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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