NATARAJU Vs. PR COMMISSIONER OF INCOME-TAX

JUDGEMENT

(1.) The petitioners have filed these writ petitions in this Court on 06.12.2017 aggrieved by the impugned order passed by the 1st Respondent-Prl.Commissioner of Income Tax, Mysuru, rejecting the petition of the petitioner-assessee under Section 264 of the Income Tax Act, 1961, filed by Mr.Siddaraju s/o late Madappa, who expired during the pendency of the said proceedings before the learned Commissioner but the fact of the death of the said person on 21.04.2016, does not appear to have been brought to the notice of the 1st Respondent-Prl.Commissioner of Income Tax during the pendency of the said proceedings.

(2.) The said petition under Section 264 of the Income Tax Act, 1961 therefore filed by the assessee aggrieved by the order passed by the Assessing Authority for A.Y.2006-07 seeking to tax the Long term capital gains on the sale of agricultural lands by entering into the Joint Development Agreement with M/s.Skill Tech Engineers and Contractors on 25.01.2006 of the agricultural lands situated in Sy.No.119, Part, measuring 1 Acre 22½ Guntas and Sy.No.213/1, Part, 3 Acres and 4½ Guntas situated at Vajamangala village, Varuna Hobli, Mysore taluk, for the consideration of Rs.44,41,250/-.

(3.) The Assessing Authority by passing the impugned order on 21.03.2014, raised a demand of Rs.12,21,132/- against the petitioner-assessee including the tax and interest under Sections 234A and 234B of the Act.