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2010 (10) TMI 766 - AT - Income TaxCapital gain - Sale consideration adopted by Stamp Valuation Authority (SVA) - Rectification of error - Income escaping assessment - it is very clear that Tribunal has not decided the issue in respect to quashing the order under section 154 only but has confirmed the order of ld. CIT(A) in toto - Tribunal has mentioned that besides the contention that it was a debatable issue, hence section 154 was not applicable, the assessee also contended that the provisions laid down under section 50C have come into effect from 1-4-2003 whereas property in question was sold by the assessee on 12-7-2002 - If order under section 143(1) is taken into consideration and thereafter if on the reasons recorded for the purpose of issuing notice under section 147 are taken into consideration, then it is clearly seen that the Assessing Officer may have right in initiating proceedings under section 147 - Held that: reopening of the assessment was bad in law for the reason that Assessing Officer has resorted to provisions of section 154 on the same reasons as recorded for the purpose of initiation of proceedings under section 147 - Theory of imposability on the facts of the present case is applicable for the simple reason that the assessee entered into sale transaction on 12-7-2002 and undisputedly on this date the provisions of section 50C were not on the statute - The Assessing Officer should have referred the matter to the Departmental Valuer if he was not satisfied with the explanation or with the Valuation Report obtained from a Registered Valuer by the assessee - Appeal is allowed by way of remand
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