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2001 (10) TMI 26 - HC - Income TaxReopening of assessment - sufficient grounds existed for reopening of assessment under section 148 - the attempt of counsel for the Revenue in the instant case to justify reassessment on the basis of subsequent material collected by the Valuation Officer cannot justify the reopening of the assessment. The value which was accepted at Rs.138.80 per sq.ft. as cost of construction by the Income-tax Officer was reasonable one, based on documents. Learned counsel made an effort that certain construction was suppressed, but, it was explained that this construction was raised by the purchaser after sale by the assessee. He was not responsible for additional construction. No categorical finding was recorded by the Assessing Officer in this regard as to how much construction was suppressed. Even in the order of reassessment, no such finding has been recorded. Thus, all the attempts to justify subsequent assessment are unfounded and baseless in the absence of a finding how much construction was made by the assessee and how much was made by the purchaser. Additions made on reopening of assessment by the Income-tax Officer were not justified.
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