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2013 (2) TMI 75 - HC - Income TaxReopening of assessment - assessee has received accommodation entries - Held that:- Perusal of the assessment order that the assessee had declared the amount of Rs.5,10,130/- in its return of income as short term capital gains on sale of shares. The fact however remains that the amount had been declared in the return of income as capital gains and what the AO did was only to change the nomenclature from “capital gains” to “undisclosed income”. The assessment has been reopened after a lapse of about 8 years from the end of the relevant assessment year. As already noted, according to the revenue the assessee had declared the amount as capital gains in the return of income. There was thus no failure to disclose the income. Consequently, there is no escapement of income. The change of the nomenclature from “capital gains” to “undisclosed income” does not result in any escapement of income since the rate of tax is the same under both heads - reassessment was without jurisdiction - in favour of assessee.
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