KEDIA LIFESPACE DEVELOPERS PRIVATE LIMITED,JHARSUGUDA vs. DEPUTY COMMISSIONER OF INCOME TAX , SAMBALPUR

None represented on behalf of the assessee. Shri Charan Dass, Sr. DR appeared on behalf of the revenue.

An adjournment application received by the Registry on 28.11.2023, was filed by the ld. AR of the assessee, thereby seeking 30 days time as the Chartered Accountant of the assessee is pre-occupied in some social function. However, looking to the facts of the case as also the impugned order is an ex-parte order on account of non-appearance of the assessee before the ld. CIT(A), we reject the adjournment application and proceed to dispose of the appeal on merits.

Facts emanate from the assessment order are that there was a search on the premises of M/s Jharsuguda Construction Pvt. Ltd. on 24.05.2012. M/s Jharsuguda Constructions Pvt. Ltd. was the earlier name of impugned assessee. Consequent to search for the assessment year 2007-2008, notice u/s.153A of the Act came to be issued and the assessment came to be completed on 31.03.2015, wherein the AO has invoked the provisions of Section 50C of the Act for the purpose of making the addition in respect of the property which has been sold during the assessment year 2007-2008.

Ld. DR vehemently supported the orders of the lower authorities. 6. We have considered the submission of ld.CIT-DR. A perusal of the assessment order clearly shows that the addition as made in the assessment is by invoking the provisions of Section 50C of the Act. There is no incriminating material referred to in the assessment order, which has been found in the course of search. This being so, respectfully following the decision of the Hon’ble Supreme Court in the case of Abhisar Buildwell (P.) Ltd., reported in [2023] 149 taxmann.com 399(SC)/[2023] 454 ITR 212(SC), the assessment order passed u/s.153A r.w.s.143(3) of the Act for the assessment year 2007-2008 in the case of the assessee, stands quashed.