9911796707
TMI Blog2024 (12) TMI 458X X X X Extracts X X X X X X X X Extracts X X X X ..... has taken five grounds of appeal. However, his grievances revolve around two-fold of issues, namely- (a) that ld. CIT(Appeals) has erred in upholding the reopening of the assessment; (b) the ld. CIT(Appeals) has erred in confirming the additions made by the ld. Assessing Officer by holding that right under the Joint Development Agreement is to be construed as transfer of a capital asset within the meaning of section 2(47) of the Income Tax Act. 3. With the assistance of ld. Representatives, we have gone through the record carefully. It emerges out from the record that the assessee along with three other family members owned a property at Mouza-Khantpukur, Plot No.145 in the territory of Durgapur Municipality, West Bengal. This propert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... io. 2. The Ld. CIT(A) NFAC erred in law as well as on fact to upheld the assessment order of the JAO treating Agreement of development as Transfer' u/s 2(47) of the Act, whereas none of the condition thereof are applicable on the fact. 3. The Ld. CIT(A) NFAC erred in law as well as on facts to dismiss the appeal of the appellant without considering that the agreement for development did not materialized and was non est at the time of assessment. 4. That the appellate craves leave to add, modify or amend the ground of appeal and to adduce additional evidence in support of ground of appeal at the time of hearing of the case." 3. At the outset, the ld. Counsel for the assessee has submitted that the Assessing Officer has made the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... matter is restored to the file of the Assessing Officer for de novo assessment. Needless to say that the Assessing Officer will give proper opportunity to the assessee to present his case. 4. In the result, the appeal of the assessee is treated as allowed for statistical purposes. Kolkata, the 2nd August, 2024. [Rajesh Kumar] [Sanjay Garg] Accountant Member Judicial Member Dated: 02.08.2024". 6. Respectfully following the order of the Coordinate Bench in the case of other co-sharers, we deem it appropriate to set aside both the impugned orders and restore this issue to the file of ld. Assessing Officer, who will re-adjudicate the issue. 7. In the result, the appeal of the assessee is allowed for statistical purposes. 8. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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