TMI Blog2017 (1) TMI 1831X X X X Extracts X X X X X X X X Extracts X X X X ..... ing cascading effect on the subsequent assessment years i.e., from 2007-08 to 2012-13, the Tribunal annulled the orders passed u/s 263 of the Act and allowed the appeals of the assessee. The above case relied on by the ld. Counsel for the assessee has no application to the facts of the present case because, in the present case, the ld. PCIT has independently, on verification of assessment records found that the information contained in the seized document which was seized during the course of search under section 132 of the Act has been omitted by the Assessing Officer while framing the assessment under section 143(3) r.w.s. 153A of the Act dated 15.03.2014. Thus PCIT has rightly invoked the provisions of section 263 of the Act and directed the Assessing Officer to redo the assessment. We find no infirmity in the order passed by the ld. PCIT and accordingly, the ground raised by the assessee is dismissed. - Hon'ble Judges Chandra Poojari, Member (A) and Duvvuru R.L. Reddy, Member (J) For the Appellant : T. Vasudevan, Advocate For the Respondents : C.M.S. Vijayalakshmi, CIT-DR ORDER Duvvuru R.L. Reddy, Member (J) 1. These three appeals filed by the assessee are directed agains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is an agreement of sale entered into between Smt. L. Ammini and Shri Sanjay M. Chawla (GPA of Smt. Rekha M. Chawla), as vendors on the one hand and Smt. Rathinammal, as vendee on the other hand, signed on 18.3.2011, for sale of plots in Tharamangalam Village measuring 13136 sq.ft, for a consideration of Rs. 1,05,09,000/- @ Rs. 800/- per sq.ft. As per the information gathered during the scrutiny assessment, Shri Sanjay M. Chawla purchased the property located in Tharamangalam Village, Salem, jointly with Smt. L. Ammini, wife of Shri A. Loganathan of Salem, during May 2008. Further, Smt. Rekha Chawla, the assessee, represented by her POA and son Shri Sanjay M. Chawla also purchased an adjacent land jointly with Smt. L. Ammini during December, 2008. All these lands were jointly developed by the co-owners i.e., Shri Sanjay M. Chawla, Smt. Rekha Chawla and Smt. L. Ammini and converted into 77 plots of various sizes. These plots were sold during the previous years, relevant to assessment years 2010-11, 2011-12 2012-13 and the sale consideration from the sale was shared between Smt. L. Amminiammal at 50% and Shri Sanjay M. Chawla and Smt. Rekha Chawla, jointly at 50%. 3.1 As noticed by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngalam Village, treating the same as income under the head 'profits gains of business' for the A.Y. 2010-11. 3.3 In response to the said notice, issued under section 263 of the Act, the assessee has filed a combined reply for the assessment years 2010-11, 2011-12 2012-13, duly signed by Shri K. Meenatchi Sundaram, FCA, Ld. AR of the assessee, received on 20.5.2015 by the ld. PCIT. After considering the submissions of the assessee as well as the provisions of clause 9a) of Explanation 2 to section 263 of the Act, the ld. PCIT has directed the Assessing Officer to redo the assessment for the assessment years under consideration. 4. On being aggrieved, the assessee is in appeal before the Tribunal for all the assessment years. By relying on the decision of the Tribunal in the case Shri V.R. Venkatachalam v. ACIT in I.T.A. Nos. 2634 to 2639/Mds/2014 dated 17.07.2015, the ld. Counsel for the assessee has submitted that the ld. PCIT has erred in invoking the provisions of section 263 of the Act and directed the Assessing Officer to redo the assessment. 5. On the other hand, the ld. DR has submitted that there is a clear negligence of the Assessing Officer ignoring the material do ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ., Shri Sanjay M. Chawla, Smt. Rekha Chawla and Smt. L. Ammini and converted into 77 plots of various sizes. These plots were sold during the previous years, relevant to assessment years 2010-11, 2011-12 2012-13 and the sale consideration from the sale was shared between Smt. L. Amminiammal at 50% and Shri Sanjay M. Chawla and Smt. Rekha Chawla, jointly at 50%. Thus, having regard to the information contained in the said seized document at Page Nos. 82 to 86, vide Annexure ANN/PS/SS/B D/S-3, dated 10.01.2012, seized during the course of search in the premises of the assessee and in absence of any enquiry/verification made by the Assessing Officer, with regard to the sale of land, pertaining to her share, in the said jointly owned property in Tharamangalam, made by the assessee, during the previous year relevant to assessment year 2010-11, including about the actual sale consideration received and the profit earned there from, during the assessment proceedings, the said assessment order dated 15.3.2014 passed by the Assessing Officer, for the assessment year 2010-11, in the case of the assessee, is thus, according to the ld. PCIT, is erroneous and prejudicial to the interests of rev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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