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2013 (1) TMI 295 - HC - Income TaxValidity of notice u/s 148 – Re-opening of assessment u/s 147 - Escaped assessment - Change of opinion - Jurisdictional requirement to issue notice u/s 148 - Sufficiency of reasons recorded - Claim deduction u/s 54EC against earnest money received for sale of land - Capital Gain - Investment made in the NABARD bonds - Circular No.359, dated May 10, 1983 - Assessee sold property at Pune to a builder - Received a sum as earnest money before the sale/execution of the conveyance – Said sum invested by the petitioner in the NABARD bonds and the National Housing bonds prior to sale/execution of the conveyance and claim deduction u/s 54EC – Held that:- As concluding from the fact of the case that the assessee was asked by a letter dated August 5, 2008, by the revenue to submit details of investment made u/s 54EC. Fresh application of mind by the Officer on the same set of facts amounts to a change of opinion and does not warrant reopening. The notice u/s 148, is without jurisdiction and set aside the same. In favour of assessee
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