ACIT, CC- 18, NEW DELHI vs. SNEREA PROPERTIES PVT. LTD., NEW DELHI

ITA 5181/DEL/2017Status: DisposedITAT Delhi19 February 2025AY 2011-12Bench: SHRI YOGESH KUMAR US (Judicial Member), SHRI AVDHESH KUMAR MISHRA (Accountant Member)10 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the CIT(A)'s order lacked detailed reasoning and that the AO's assessment order contained anomalies regarding the nature of income. Consequently, the Tribunal set aside the orders and remitted the matter back to the CIT(A).

What were the facts?

The Revenue appealed against the CIT(A)'s deletion of an addition of Rs. 75 Cr. made by the AO. The AO reopened the assessment based on an MOU suggesting a property transfer disguised as share transfer, estimating the property's market value at Rs. 150 Cr.

What were the issues?

Whether the CIT(A) erred in deleting the addition without proper appreciation of facts and whether the AO properly recorded satisfaction for reopening the case and provided adequate opportunity to the assessee.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 143(3),Section 68

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, DELHI BENCH ‘G’: NEW DELHI

Before: SHRI YOGESH KUMAR US & SHRI AVDHESH KUMAR MISHRA

For Appellant: Shri Kunal Pawar, CA
For Respondent: Ms. Jaya Chaudhary, CIT(DR)
Hearing: 21/11/2024Pronounced: 19/01/2025

Heard together (2 matters)

ITA No.5181/Del/2017
ITA No.5182/Del/2017

Read from the judgment's own cause title. This page is filed under one of them.

PER AVDHESH KUMAR MISHRA, AM Since the issues involved in these appeals are identical; hence, these are being heard together and are being disposed off by this common order for the sake of brevity. Snerea Properties P. Ltd. Shrey Properties P. ltd.

2.

These appeals for the Assessment Year (hereinafter, the ‘AY’) 2011-12 filed by the Revenue are directed against orders dated 09.

The order continues below.

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