The Asstt. Commissioner of Income Tax, Central Circle-18, Jhandewalan, New Delhi-110055. Vs. M/s Adish Estates Pvt. Ltd., A-46, FF, Double Story, West Patel Nagar, New Delhi-110008.

Parties Involved

Facts Summary

A search under Section 132 of the Income Tax Act, 1961 was conducted in Aerens Group. The Assessing Officer (AO) received information from the Investigation Wing that the assessee had transacted in immovable property. To ascertain the fair market value of the property, the AO invoked his powers under Section 142A of the Act and made a reference to the District Valuation Officer on 05/03/2015. Meanwhile, the AO issued a notice under Section 148 to the assessee on 01/04/2015. After completing the assessment, the AO made an addition of Rs. 2,28,41,677/-. Aggrieved by this addition, the assessee filed an appeal before the Commissioner of Income Tax (Appeals)-27, New Delhi, who deleted the impugned addition. The revenue is now in appeal against this action of the CIT(A).…

Legal Issues

• 1. Whether the jurisdiction of the AO to issue a notice under Section 148 vis-a-vis action under Section 142A is valid.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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