COMMISSIONER OF INCOME TAX Vs. RAMNIKLAL POPATLAL KAKKAD

JUDGEMENT

(1.) THIS is an appeal by the appellant -revenue, seeking to challenge the order of the learned ITAT, Rajkot Bench, Rajkot ('the Tribunal', for short), Dated : 15.10.2005, rendered in ITA No. 266/Rjt/2005 for A.Y. 1994 -95.

(2.) THE brief facts of the case are that the assessment of the assessee was made on 21.03.1997. According to the appellant -revenue, though, the assessee had derived income from house property, business of matchbox, bidi etc., the last item of the assessee's income towards Capital Gain for the relevant assessment year was shown to be 'Nil'. Hence, the proceedings under Section 148 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'), came to be initiated against the assessee. During the said assessment proceedings, the appellant -revenue assessed the Capital Gain of the assessee from the property known as 'Tank Manor' at Rs. 6,38,300/ -, i.e. being the share of the assessee in the said property.

(3.) MR . Desai, learned Advocate for the appellant -revenue, submitted that the Tribunal erred in passing the impugned order, inasmuch as it failed to appreciate the material on record in its proper perspective. He, further, submitted that the Tribunal ought to have appreciated the fact that the respondent -assessee did not disclose all the facts truly and correctly at the time of original assessment.