PRASHANT PATEL,VADODARA vs. ASSESSMENT UNIT, INCOME TAX DEPARTMENT, AAYAKAR BHAVAN,BARODA (VADODARA)

Brief facts of the case is that the assessee is an individual who has sold two pieces of land alongwith other co-owners for Rs.31,654,000/- and received his shares of Rs.62,70,066/-. The assessee also sold another piece of land for Rs.1,98,65,617/- and received Rs. 33,10,936/- which is claimed to be agricultural land and exempt from taxation. Since the assessee has not filed any Return of Income, the assessment was reopened by issuing notice u/s. 148 of the Act. During reassessment proceedings, the assessee submitted partial details. Therefore the Assessing Officer made the difference in value of the land of Rs. 33,78,645/- as the unexplained income of the assessee.

Aggrieved against the reassessment order, the assessee filed an appeal before Ld. CIT(A) which has resulted in passing exparte order.

Ld. Counsel appearing for the assessee submitted that there is some arithmetical mistake in computation of capital gain which was informed to the Assessing Officer during the course of assessment proceedings. However he made the addition. Therefore requested to give one more opportunity to explain its case before the Assessing Officer.

Ld. Sr. D.R. appearing for the Revenue has no serious objection in setting aside the matter to the file of Jurisdictional Assessing Officer to pass fresh assessment order.

Recording the above submissions of both parties, the order passed by the Lower Authorities are hereby setaside with the direction to the Jurisdictional Assessing Officer to pass fresh assessment order by giving proper opportunity of hearing to the assessee. Needless to say, the assessee should file all necessary documents before Jurisdictional Assessing Officer for passing order on merits.

In the result, the appeal filed by the Assessee is allowed for statistical purpose.