9911796707
TMI Blog2025 (5) TMI 1087X X X X Extracts X X X X X X X X Extracts X X X X ..... year 2012-13. 2. The facts of the case as emanating from records are: The assessee filed its return of income u/s. 139(1) of the Income Tax Act,1961(hereinafter referred to as 'the Act') declaring total income of Rs. 38,31,080/-. Assessment u/s. 143(3) of the Act was completed vide order dated 27.03.2015 determining total income of assessee at Rs. 121,70,39,930/-. Aggrieved by the said assessment order, the assessee carried the issue in appeal before the CIT(A). The CIT(A) granted part relief to the assessee. Hence, the assessee carried the issue in appeal further before the Tribunal. In the mean time, the Assessing Officer (AO) initiated reassessment proceedings and issued notice u/s. 148 of the Act on 31.03.2019 to the assessee. In reass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t this would amount to double taxation. As per record, prior to 31.03.2011 possession of the Hotel was vested with the banks and auction of hotel project was in June 2011. Thus, in the Financial Year 2011-12 there could not have been any possibility of construction cost or fix cost as claimed by the assessee. The ld. DR further submitted that as regards the addition of Rs. 42.08 crores on account of loss on sale of shares. The CIT(A) has erred in deleting the same stating it to be a double addition. He pointed that in the original assessment order nothing has been mentioned regarding the claim of the loss of Rs. 66.09 crores. The AO denied assessee's claim of Long Term Capital Gain and brought the gains of Rs. 154,29,06,058/- to tax as busi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the CIT(A), and the order of CIT(A) was upheld by the Tribunal. This itself, shows that the issue was considered by the Tribunal in assessment proceedings u/s. 143(3) of the Act and had rejected contention of the Revenue. We find no reason to interfere with the findings of the CIT(A), on this issue. Hence, ground no. 1 of appeal is dismissed. 7. Ground no. 2 of appeal by the Revenue is with regard to deleting of addition of Rs. 42.08 crore on account of alleged loss on sales of shares. The CIT(A) has deleted addition stating that the issue was considered by the AO in original assessment made u/s. 143(3) of the Act. The same issue cannot be agitated again in reassessment proceedings. The Revenue has admitted the fact that in original asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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