M/S. NITESH ESTATES LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 5(1)(2), BANGALORE
In the result appeal filed by assessee stands allowed on legal issue raised in ground no
ITA 1486/BANG/2019[2009-10]Status: DisposedITAT Bangalore20 Apr 2022AY 2009-10
Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2009-10 M/S. Nitesh Estates The Deputy Ltd., Commissioner Of Nitesh Time Square, Income Tax, 7Th Floor, #8, M.G. Road, Circle – 5 [1][2], Bangalore – 560 001. Vs. Bangalore. Pan: Aabcn9267C Appellant Respondent Assessee By : Shri V. Srinivasan, Advocate : Shri Sankar Ganesh K, Jcit Revenue By (Dr) Date Of Hearing : 04-02-2022 Date Of Pronouncement : 20-04-2022 Order Per Beena Pillaipresent Appeal Has Been Filed By Assessee Against Order Dated 28/03/2019 Passed By The Ld. Cit(A)-5, Bangalore For Assessment Year 2009-10 On Following Grounds Of Appeal: “1. The Orders Of The Authorities Below In So Far As They Are Against The Appellant Are Opposed To Law, Equity, Weight Of Evidence, Probabilities, Facts & Circumstances Of The Case. 2. The Order Of Re-Assessment Is Bad In Law & Void-Ab- Initio For Want Of Requisite Jurisdiction Especially, The Mandatory Requirements To Assume Jurisdiction U/S 148 Of The Act Did Not Exist & Have Not Been Complied With & Consequently, The Re-Assessment Requires To Be Cancelled. 3. The Learned Cit[A] Ought To Have Appreciated That There Was No Fresh Material To Show That Income Had Escaped Assessment Especially When There Was A Scrutiny
For Appellant: Shri V. Srinivasan, Advocate
Section 143Section 143(3)Section 147Section 148Section 234
Charitable Trust vs. ACIT in ITA Nos. 552 &
553/Bang/2018 by order dt. 16.10.2020. Page 7 of 17
10. On the other hand, Ld.CIT.DR submitted that, the authority below was justified in reopening the assessment as assessee had incurred a loss of ₹ 1,02,42,949/- on surrender of land to KIADB.
He supported the observations
