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2012 (7) TMI 368 - ITAT, AGRAChallenging the re-opening of the closed assessment u/s 147 - disallowing of the assessee’s claim of exemption u/s 54F - Held that:- Originally the A.O. had opted proceeding u/s 154 and when that proceeding became final, he has taken proceeding under section 147 - The assessment must be one single assessment and not piecemeal assessment. If the I.T.O. has assessed only the part of the income of sale income making the assessment and deferred the other part of income for consideration at later stage under section 147 could not be invoked for the purpose of completing the deferred assessment. Claim of exemption u/s 54F- Held that:- Reinvestment of sale consideration for availing benefit u/s 54F should be in the name of the assessee is a debatable issue as there are decisions available on the both the sides, on applying rule as laid down in the case of Mysore Minerals Limited vs. CIT, [1999 (9) TMI 1 (SC)] that in case there are two possible views, a view favorable to the assessee should be adopted - decided in favour of assessee.
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