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2012 (12) TMI 68 - ITAT NEW DELHI
Reopening of assessment - loss incurred on sale of repossessed vehicle - Capital vs Business loss - held that:- It was a Business Loss. - Considering the history of the assessee and peculiar facts as well as the replies and reasoning taken by the Assessing Officer himself while dealing with the audit objections, it cannot be said that there was any tangible material in the possession of the Assessing Officer for forming opinion that the expenditure/loss under consideration could be capital loss and not business loss requiring him to initiate action u/s 147 of the Act - no reason to interfere therein for our own reasons stated hereinbefore and reject the grounds raised in appeal by the revenue - Decided in favor of assessee.