Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2008)115TTJ(Chd.)982
1. The captioned appeals are preferred by the Revenue and the cross-objections by the respective assessees arising out of a common order of the CIT(A) dt. 9th March, 2007 pertaining to asst. yr.1997-98. The three assesseesin question are co-oweners of land situated at Village Giaspura (Ludhiana) 2. The dispute in the present appeals relates to the manner of computation of capital gain accruing as a result of sale of said land by the three co-owners in the year under consideration. We find it expedient to pass a consolidated order since the issue involved is common.3. Since the facts and circumstances in all the appeals are common, we may refer to the facts in relation to the case of Smt. Baljinder Kaur, ITA No. 545/Chd/2007. Briefly stated the facts are that the assessee sold her share of the impugned land at a total consideration of Rs. 71,67,000 during the year under consideration. The land owned by the assessee was 2.16 acres. The assessee declared a loss of Rs. 4,69,200 on account...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2008)114TTJ(Chd.)426
1. This appeal is preferred by the Revenue challenging the Order of the learned CIT (A) dt. 29th Sept., 2006 on the ground that on the facts and in the circumstances of the case the learned CIT (A) erred in cancelling the assessment framed Under Section 143(3) r/w Section 147 of the Act.2. During arguments we have heard Shri A.K. Mehta learned Departmental Representative and Shri B.K Nohria learned chartered accountant for the assessee. The contention on behalf of the Revenue is that the assessee did not pay tax to the declaration made under VDIS The learned CIT (A) quashed the assessment without assigning any reason specially when there was adequate information with the AO. Reliance was placed upon 1TA No. 951/Chd/2006. On the other hand, the contention on behalf of the assessee that the Revenue is merely suspecting and there was no reasonable belief with the AO. ITA No. 257/Chd/2003 was relied upon.3. We have considered the rival submissions and perused the material available on the...
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