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2018 (2) TMI 1786 - AT - Income TaxReopening of assessment - reopening after expiry of four years - time for AO to issue and serve the notice u/s 143(2) - Held that:- AO has issued several notices u/s 142(1) asking assessee to file the relevant information. Only upon serving final opportunity by issue of letter dated 19/01/2015, only on 20/03/2015, the assessee has filed the return of income by incorporating capital gain of ₹ 2,19,720/-. As stated earlier, AO has to complete the assessment on or before 31/03/2015, the assessee chose to file return of income only on 20/03/2015 by adopting delay tactics. There was no time for AO to issue and serve the notice u/s 143(2) to assessee and complete the assessment. In this situation, assessee cannot expect to claim the benefit of issue of notice u/s 143(2) as the assessee is well aware of the assessment and chose to delay the submission of return of income. The assessee filed his return of income on 10/02/2008, but, failed to disclose the sale transaction, which generated capital gains. The same was declared only in the return of income which was submitted on 20/03/2015 After the expiry of four years from the end of the relevant assessment year, no such notice shall be issued unless the Chief Commissioner or Commissioner is satisfied, on the reasons recorded by the Assessing Officer aforesaid, that it is a fit case for the issue of such notice. In a case other than a case falling under sub-section (1), no notice shall be issued under section 148 by an Assessing Officer, who is below the rank of [Joint] Commissioner, after the expiry of four years from the end of the relevant assessment year, unless the [Joint] Commissioner is satisfied, on the reasons recorded by such Assessing Officer, that it is a fit case for the issue of such notice.] [Explanation.-For the removal of doubts, it is hereby declared that the Joint Commissioner, the Commissioner or the Chief Commissioner, as the case may be, being satisfied on the reasons recorded by the Assessing Officer about fitness of a case for the issue of notice under section 148, need not issue such notice himself. As per section 151(2), the power to sanction was with CIT/Addl. CIT. Therefore, the sanction of notice u/s 148 in the instant case by Addl. CIT was proper. Therefore, the ground raised by the assessee is dismissed. Provisions of section 50C become applicable since assessee has not challenged the issue for referring to valuation cell for evaluation of market value or made any submission for selling at a lower price than SRO value, we do not see any reason to interfere with CIT(A)'s order.
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