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2014 (4) TMI 707 - ITAT HYDERABADValidity of re-opening of assessment u/s 147 of the Act – Held that:- CIT(A) rightly held that the AO has tangible material before initiating proceedings u/s 147 – AO obtained information u/s 133(6) and thereafter, he has initiated proceedings for reopening the assessment - the assessments are reopened within 4 years from the end of the assessment year - there was no scrutiny in earlier proceedings and returns were accepted u/s 143(1), the principles laid down in ACIT vs. Rajesh Jhaveri Stock Brokers Pvt. Ltd. [2007 (5) TMI 197 - SUPREME Court] would apply – Decided against Assessee. Allowability of deduction u/s 54B of the Act – Capital gain on transfer of land used for agricultural purposes - Held that:- CIT(A) gave findings that assessee has not furnished necessary evidences with reference to agricultural operations on the land - Assessees have placed a paper book with regard to pahanies, connection of power and also some photographs relevant for agricultural operations - these were seems to have been placed before the AO – this aspect could not be examined as there is no discussion - while agreeing that the assessees claim u/s 54B cannot be denied so long as the lands were used for agricultural purposes before sale, this aspect of usage for ‘agricultural purposes’ require verification by the AO – thus, the matter is remitted back to the AO for verification - Assesses are directed to furnish necessary evidence if not furnished already before the AO so as to substantiate that the lands were used for agricultural purposes before sale – Decided in favour of Assessee.
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