ITO 2(1)(4), MUMBAI vs. HIMALAYAN SALES P. LTD, MUMBAI

This appeal has been filed by the revenue against the order dated 23.06.2016 passed by the Commissioner of Income Tax (Appeals)-4 (for short ‘the CIT(A), Mumbai, for the assessment year 2008-09, whereby the Ld. CIT(A) has partly allowed the appeal filed by the assessee against the assessment order passed u/s 143 (3) r.w.s. 147 of the Income Tax Act, 1961 (for short the ‘Act’).

Brief facts of the case are that the assessee company filed its return of income for the assessment year under consideration declaring total loss of Rs. 23,026/-, which was processed u/s 143 (1) of the Act. Subsequently, the case was reopened by issuing notice u/s 148 on the ground that the company during the previous year sold Plot No. 41, Large Industrial Area, Kota (Rajasthan) measuring 9.5 acres for consideration of 20,00,000/- under sale Assessment Year: 2008-09 agreement dated 09.01.2008 executed between the assessee company through Special Power of Attorney holder Sh. Ramesh Agarwal and Madan Mohan Vijay (Transferring). The Sub-