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2013 (1) TMI 365 - AT - Income TaxValidity of re-assessment u/s 147 – Notice u/s 148 - Re-opening of assessment - AO have specific and credible information from his counter-part - AO had reason to believe that the consideration received by assessee from the transfer of her property was liable to be taxed – Under the head “long term capital gains” - Escaped assessment in lieu of non-disclosure of LTCG in her return of income – Held that:- There was no trace of any objection worth the name for the reasons recorded for reopening of the assessment. Following the decision in case of Rajesh Jhaveri Stock Brokers P. Limited (2007 (5) TMI 197 - SUPREME COURT) that to confer jurisdiction u/s 147(a), two conditions were required to be satisfied, firstly, the AO must have reason to believe that income profits or gain chargeable to income-tax have escaped assessment and secondly he must also have reason to believe that such escapement has occurred by reason of either omission or failure on the part of the assessee to disclose fully or truly all material facts necessary for his assessment of that year Hence, decides in favour of revenue Capital Gain – Sale of Land – Bringing to tax by way of LTCG - Held that:- Following the decision on identical issue in case of the assessee’s husband Shri V. S. Balasubramanyam. The issue raised by the assessee is akin to the issue considered in the case of the assessee’s husband. Accordingly, this issue goes against the assessee.
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