G.N. MOHAN RAJU Vs. THE INCOME TAX OFFICER
LAWS(IT)-2014-10-1
INCOME TAX APPELLATE TRIBUNAL
Decided on October 10,2014

G.N. Mohan Raju Appellant
VERSUS
THE INCOME TAX OFFICER Respondents

JUDGEMENT

Abraham P. George, Member (A) - (1.) THESE are appeals filed by the assessee directed against the orders dated 21 -12 -2012 of CIT(A) -III, Bangalore for the impugned assessment years. The grounds taken by the assessee for both the years are identical and these are re -produced hereunder; "1. The order passed by the ld. CIT(A) -III, Bangalore to the extent prejudicial to the appellant, is bad in law and liable to be quashed.
(2.) THE ld. CIT(A) -III, Bangalore has erred in confirming the action of the AO in issuing notice under section 148 and assuming jurisdiction under Section 147. The condition precedent for the issue of notice under section 48 and assumption of jurisdiction under section 147 not being satisfied, the order passed by the AO is bad in law, void ab initio and liable to be quashed. The ld. CIT(A) -III, Bangalore has erred in confirming the action of the AO in framing the assessment and passing the order under section 143(3) read with section 147 without serving notice under section 143(2). The appellant having not received notice under section 143(2), the assessment made and the order passed under section 143(3) read with section 147 is a nullity, bad in law and liable to be quashed. Section 143(2), the assessment made and the order passed under section 143(3) read with section 147 is a nullity, bad in law and liable to be quashed.
(3.) THE ld. CIT(A) -III, Bangalore has erred in confirming the action of the AO in assessing the sum of Rs. 1.00 Crore received under the share subscription and shareholder's agreement under section 28(va) of the Act. On facts and in the circumstances of the case and law applicable, consideration received for the grant of 'right of first refusal' is not chargeable to tax.;


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