Case Law Details
Pr. CIT Vs. Ram Kumar Duhan (Punjab and Haryana High Court)
In this case transfer of land in favor of the Assessee was to facilitate the conversion of agricultural land to non-agricultural land as per the state laws. The land though in the name of the Assessee was shown in the balance sheet of the company and the Memorandum of Association entered between the company and its Directors was that property will be in name of Directors but it will remain the property of the Company. Even the AO in its remand report admitted that the sale proceeds were received by the Company and the assessment of the company was framed under Section 143 (3) of the Income Tax Act and the AO has no power to review the original assessment without any fresh tangible material.
This Court under jurisdiction of Section 260-A of the Act cannot re-appreciate the evidence, especially when no perversity is established.
FULL TEXT OF THE HIGH COURT JUDGMENT / ORDER IS AS FOLLOWS:-
This is an appeal against the order of the Income Tax Appellate Tribunal confirming the order of the CIT (Appeals) whereby the order of the Assessing Authority making the addition of undisclosed income was quashed.
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