{"id":14216,"date":"2020-12-06T07:14:07","date_gmt":"2020-12-06T07:14:07","guid":{"rendered":"https:\/\/itatonline.org\/digest\/ito-v-krish-homes-pvt-ltd-202078-itr-101-186-dtr-177-203-ttj-909-jaipur-trib\/"},"modified":"2020-12-06T07:14:07","modified_gmt":"2020-12-06T07:14:07","slug":"ito-v-krish-homes-pvt-ltd-202078-itr-101-186-dtr-177-203-ttj-909-jaipur-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/ito-v-krish-homes-pvt-ltd-202078-itr-101-186-dtr-177-203-ttj-909-jaipur-trib\/","title":{"rendered":"ITO v. Krish Homes Pvt Ltd (2020)78 ITR 101\/ 186 DTR 177\/203 TTJ 909 ( Jaipur) (Trib)"},"content":{"rendered":"<p>Tribunal held that for assumption of jurisdiction, in the reasons recorded, the Assessing Officer had stated that the assessee had failed to fully and truly disclose all material facts necessary for the assessment. What material facts had not been disclosed by the assessee had not been spelt out by the Assessing Officer. The Assessing Officer had himself stated that the assessee had credited capital gains on sale of agricultural land in its profit and loss account and had reduced them while working out the book profits under section\u00a0115JB\u00a0. Therefore, all the primary facts had been duly disclosed by the assessee and it was for the Assessing Officer to draw correct legal inference therefrom. Further, the proviso to section\u00a0147\u00a0was not applicable in the instant case as the notice under section 148 had been issued within four years from the end of the assessment year 2013-14. Thus the basic requirement for assumption of jurisdiction under section\u00a0147\u00a0was not satisfied in the instant case and the consequent reassessment proceedings deserved to be set aside. Tribunal\u00a0 also held that \u00a0the decision of the Tribunal had since been affirmed by the Rajasthan High Court. Undisputedly, there was no change in the facts and circumstances of the case and therefore, the matter was decided in favour of the Department. Followed\u00a0 CIT v. Usha International Ltd.\u00a0<a href=\"http:\/\/www.taxlawsonline.com\/%5b2012%5d%20348%20ITR%200485\">(2012)\u00a0 348 ITR 485<\/a> (FB) \u00a0(Delhi)(HC). \u00a0Tribunal also held that \u00a0gains on sale of agricultural land were not deductible while computing book profits. Relied on Krish Homes P. Ltd. v. ITO\u00a0<a href=\"http:\/\/www.taxlawsonline.com\/%5b2020%5d%20421%20ITR%200105\">(2020)421 ITR 105<\/a>\u00a0(Raj) (HC) on special leave petition (2020)420 ITR (St.) 2 (SC) \u00a0( AY.2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 147 : Reassessment \u2013With in four years- Change of  opinion-   Sale of  agricultural land available on record at  time of  original assessment \u2014 Book profit &#8211; Agricultural Land \u2014 Gains on sale of  agricultural land not deductible- Reassessment is held to be not valid [ S. 2(14((iii) , 115JB ,148   ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-14216","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3Hi","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14216","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14216"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14216\/revisions"}],"predecessor-version":[{"id":14217,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14216\/revisions\/14217"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}