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2011 (9) TMI 731 - HC - Income TaxRe-assessment under 147 subsequent to intimation under 143(1) - re-opening on audit objections - Held That:- 143(1) is not an assessment but an intimation only, thus question of change of opinion, did not arise. The Supreme Court also held that with Section 147 permitting the Officer to assess or reassess the income chargeable to tax when he has reason to believe income escaping assessment, the mere failure to take steps under Section 143(3) would not render the Assessing Officer powerless to initiate reassessment proceedings under Section 147 of the Act even when intimation under Section 143(1) had been issued. Decided against asssessee. Land on Lease - Constructed Commercial complex and received rental income - only activity during 91-92 - no exploitation of business assets - Income from "House Property" or "Business Income" - Held That:- In view of East India Housing and Land Development Trust Ltd Vs CIT (1960 (11) TMI 7 - SUPREME Court), when the rental income falls within the specific head of income from house property, the mere fact of the assessee having business in letting out the property as stated in its memorandum, by itself, will not conclusively point out that the income is nothing but business income. Inference to be drawn from facts of each case. Court held it as rental income.
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