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2021 (1) TMI 352 - ITAT BANGALOREValidity of Reopening of assessment u/s 147 - difference of opinion arose between Hon'ble Accountant Member and Hon'ble Judicial Member - matter referred to Hon'ble Third Member - Escapement of long-term capital gains - Whether the order of assessment passed under section 147 on 28/12/2012 was without furnishing reasons recorded for initiating the proceedings under section 147 and therefore was void and of no effect? - Whether there was transferred took place during previous year relevant to assessment year 2006-07? - HELD THAT:- Hon'ble Third Member concurred with the view taken by Hon'ble Judicial Member, who observed that, order dated 28/02/2014 passed by Ld. AO under section 143(3) read with 147 of the Act, without furnishing reasons recorded for initiating proceedings for reassessment under section 147 of the Act is void and of no effect. Whether transfer of property occurred u/s. 2(47)(v)? - JDA entered - Hon'ble Third Member concurred with the view taken by Hon'ble Judicial Member, who held that there was no transfer of property during the previous year relevant to assessment year 2006-07. Computation of capital gains being erroneous and excessive - The present proceedings pertains to asst. year 2006-07 and not for the asst. Year 2009-10. It is an admitted position in law that the tax is to be charged in the year it accrued. Therefore the finding of the lower authorities is devoid of merit. We hold that authorities below erred in computing capital gains in the hands of assessee during year under consideration. Interest under section 234 A, B, C - This ground to be consequential in nature.
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