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2016 (7) TMI 1313 - AT - Income TaxReopening of assessment - reopening on the basis of audit objections - investment in purchase of agricultural land - Held that:- Where the original assessment was completed under section 143(3) of the Act, the assessee had made the investment in purchase of agricultural land during the year and the necessary details once having been looked into by the Assessing Officer cannot be re-looked as the same tantamount to change of opinion. The Assessing Officer has failed to point out whether any fresh facts came to his knowledge in order to establish the reason of belief against escapement of income by the assessee. In any case, where the cash of ₹ 3 lakhs has been paid for purchase of agricultural land before Sub-Registrar i.e. in State Government office, the provisions of section 40A(3) are not attracted as the said cash of payment of ₹ 3 lakhs is part and parcel of total payment of ₹ 48,50,000/-. The assessee admittedly, had paid total sale consideration on the date of registration of Sale Deed itself i.e. on 12.09.2008 except demand draft of ₹ 10 lakhs, which was paid on 11.09.2008. Further, no action under section 147 of the Act can be taken on account of audit objections raised by the audit party. - Decided in favour of assessee.
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