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2013 (3) TMI 197 - AT - Income TaxReassessment - reason to believe - disclosure of information - held that:- The re-opening was within a period of four years and it is not the case of the assessee that there was change of opinion. When the rent received from shops located in North Stand, was Rs. 2,15,910, per annum and when the assessee has shown a loss of Rs. 5,22,053, we are of the considered opinion that the Assessing Officer has reason to believe that income has escaped assessment. Thus, we uphold the re-opening of assessments. Coming to the assessment of ALV, the assessee, in our opinion, ought to have furnished the information sought by the Assessing Officer, so as to enable him to come to a conclusion as to whether the Maharashtra Rent Control Act, 1999, applies to the facts of the case. Having said so, we also observe that the Assessing Officer has not examine the previous records of the assessee to determine as to whether the rental payments were, as claimed by the assessee, was offered on the same basis, as was done this year. - Reassessment proceeding justified. - Against assessee. Since the assessee has not furnished the information sought by the Assessing Officer and the Commissioner (Appeals) has failed to examine as to whether the Maharashtra Rent Control Act applies to the case or not, we are of the considered opinion that the issue is required to be restored to the file of Assessing Officer for fresh adjudication in accordance with law. - Matter remanded back.
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