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2011 (7) TMI 377 - HC - Income TaxEscaping of Income u/s 45(2) - Conversion of Capital Asset in Stock in Trade - AO to make assessment on capital gains in the regular assessment completed under Section 143(3) is a ground justifying revision of assessment under Section 147 of the Act. - Held that:- It is immaterial whether the escapement is either on account of ignorance of law or omission on the part of the assessee or the Assessing Officer. - So long as income chargeable to tax has escaped assessment and the Assessing Officer has reason to believe so, whether suo motu found by him from records or whether brought to his notice by the audit party or any other agency, the Assessing Officer will be justified in revising the assessment within the period of limitation provided therein. - Decided against Assessee.
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