Lakshmi Narayan Agarwal, Kolkata vs. Income Tax Officer -Ward37(3), Kolkata
In the result, appeal of the assessee is allowed
ITA 1/KOL/2014[2004-2005]Status: DisposedITAT Kolkata19 Oct 2016AY 2004-2005
Bench: Shri K. Narasimha Chary, Jm & Dr. A.L.Saini, Am आयकर अपील सं./Ita No.01/Kol/2014 ("नधा"रण वष" / Assessment Year :2004-2005) Lakshmi Narayan Agarwal, Vs. The Income Tax Officer, “Sparsh”4Th Floor, 35/8, Ward-37(3), Kolkata- Poddopukur Road, Kolkata- 700001 700020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Acvpa 3271 C .. (अपीलाथ" /Appellant) (""यथ" / Respondent) "नधा"रती क" ओर से /Assessee By : Shri A.K.Tibrewal, Fca राज"व क" ओर से /Revenue By : Subhro Das, Jcit सुनवाई क" तार"ख / Date Of Hearing : 07/10/2016 घोषणा क" तार"ख/Date Of Pronouncement 19/10/2016 आदेश / O R D E R Per Dr.Arjun Lal Saini, Am: The Captioned Appeal Filed By The Assessee Pertaining To The Assessment Year 2004-2005, Is Directed Against The Order Passed By Ld. Commissioner Of Income Tax (Appeals)-Xxiv, In Appeal No.1219/Cit(A)- Xxiv/Set-Aside/37(3)/12-13, Dated 19.12.2012, Which In Turn Arises Out Of An Order Passed By The Assessing Officer U/S.147/143(3) Of The Income Tax Act (In Short The ‘Act’), Dated 29.12.2010. 2. Brief Facts Of The Case Qua The Assessee Are That The Assessee’S Income Tax Return For Assessment Year 2004-05 Was Assessed By Ao U/S.143(3) Of The Act. Subsequently, The Ao Detected That The Assessee Invested In A Property & Not Shown The Amount Of Capital Gain Of Rs.13,45,760/-. Therefore, The Ao Presumed That There Was An Excess Claim Of Rs.13,45,760/- U/S.54F Of It Act. Hence, Believing The Reason That Income Chargeable To Tax Escaped Assessment For The Year, The Ao Has Issued Notice U/S.148/147 Of The It Act. The Ao Observed That The Assessee Has Invested In A Property & Thus Claimed The Excess Amount
For Appellant: Shri A.K.Tibrewal, FCAFor Respondent: Subhro Das, JCIT
Section 143Section 143(3)Section 147Section 148Section 54F
…sessment was reopened would also automatically fail as the assumption of jurisdiction itself fails on the part of the ld.AO. This issue is now well settled by the decision of the Hon’ble Bombay High Court in the case of CIT Vs. Jet Airways (I) Ltd reported in 331 ITR 236 Bom.) 8. Respectfully following the aforesaid judicial precedents, we have no hesitation to quash the re-assessment proceedings on the ground that there was no tangible material with the ld.AO for initiation of re-assessment proceedings. We also find that in view of provisions of section 54F(4) r.w. proviso thereon, there is no scope for making a…
