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2012 (8) TMI 57 - AT - Income TaxReassessment - jurisdiction u/s 147 - whether the income derived from letting out of the property be treated as ‘income from business’ as against ‘income from house property’ - held that:- As the expenses claimed being not allowable and the AO had reasons to believe that the income escaped assessment because the assessment of such income had to be under the head ‘income from house property’. Accordingly, as rightly pointed out by the learned CIT (A), while concluding the assessment, the AO had not travelled beyond the reasons recorded and, therefore, there was no merit in the allegation of the assessee that the assessment was bad in law. When no scrutiny assessment could have been completed in this case, and when the Assessing Officer realizes that the income has escaped assessment, he is perfectly justified to invoke reassessment proceeding by issuance of notice under section 148 of the Act. AO, vide his orders u/s 143 (3) r.w.s. 260A of the Act dated 25.11.2010 had held the status of the assessee as AOP and also the income derived by the assessee from the subject property was assessed under the head ‘income from house property.’ - the assessee has not come up with any documentary evidence to rebut the Revenue’s stand convincingly. - Decided against the assessee.
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