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TMI Blog2023 (12) TMI 1130X X X X Extracts X X X X X X X X Extracts X X X X ..... ent year 2017-18. 2. The brief facts of the case are as follows : (i) The appellant / assessee is an individual deriving income from house property, sale of construction and building materials and other sources. During the previous year relevant to the assessment year 2017-18, he had sold a residential house and had derived capital gains. For the assessment year 2017-18, he could not file return of income within the time allowed under Section 139 (1) or (4) of the Income Tax Act, 1961 (in short, "the Act"). While so, he received a notice dated 05.08.2019 issued under Section 142(1) of the Act, whereby he was called upon to disclose the details of the cash deposit made by him during demonetization period. The appellant sent a detailed rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion. However, the same was disallowed on the ground that the vouchers did not contain the signature of the receiver and were treated to be self made vouchers. (iii) Thereafter, the appellant was issued with notice under Section 263 of the Act by the 1st respondent for revising the assessment order dated 28.12.2019 on the ground that the same is detrimental to the interest of revenue as the Assessing Officer had permitted exemption under Section 54 of the Act, while exemption could have been permitted only under Section 54F of the Act as only land without building was sold. After hearing the appellant and upon considering the materials available, the first respondent by order dated 18.03.2022, set aside the order passed by the Assessing O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ery same issue viz., computation of capital gains is subject matter of appeal before the Commissioner of Appeals (Faceless) and therefore, the Principal Commissioner of Income Tax is not justified in invoking the provisions of section 263 of the Income Tax Act? (v)Whether the order of the Tribunal is sustainable in having failed to note that the fact that the order of the Assessing Officer passed under section 263 is in gross violation of provisions of clause (c) of the explanation to section 263 of the Income Tax Act and is not therefore liable to be set aside? (vi)Whether the impugned order of the Tribunal is sustainable in confirming the findings of the Principal Commissioner of Income Tax is holding that the appellant is entitled to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... succeeding in the appeal, what would be the consequences of the Assessment Ordere passed by the assessing officer and the orders of the Principal Commissioner of Income Tax? (x)Whether the order of the Tribunal is correct and sustainable in view of the fact that in the event of an order passed by the statutory appellate in favour of the appellant / assessee, would not the chaotic circumstances and consequences flowing from such an order would result in multiple legal proceedings striking at the very root of Revenue Laws and jurisprudence? (xi)Whether the order of the Hon'ble Tribunal is sustainable in view of the fact that the order had deprived the assessee of his indefeasible right of conducting statutory appeal as contemplated b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uestions of law involved herein are left open to be decided by the appellate authority with whom the appeal against the assessment order passed under section 144 of the Act, is pending. Accordingly, the appellate authority shall consider the same along with the grounds raised in the appeal and pass appropriate orders, on merits and in accordance with law, after providing due opportunity of personal hearing to the appellant / assessee, without being influenced by any of the observations made by the Tribunal, within a period of twelve (12) weeks from the date of receipt of a copy of this judgment. The appellant / assessee is at liberty to raise all the grounds before the appellate authority with supportive materials, at the time of personal h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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