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2013 (4) TMI 444 - HC - Income TaxReassessment - escaped income - petitioner contention proceedings is time barred - reason for reopening is that the petitioner after converting the leasehold land into freehold sold the property within three years resulting into short term capital gain and has not disclosed the income under the head 'capital gains' in the return filed - Held that - The only point urged and pressed before us is whether in absence of anything in the reasons recorded to suggest that the income chargeable to tax which has escaped the assessment is Rs. one lakh or more having not been mentioned the reassessment notice given after four years of the close of the assessment order is valid or not. Thus sufficient force in the argument of the petitioner that the initiation of the reassessment proceedings relevant to the Assessment Year 2000-2001 after more than four years is clearly barred by time. In the result, all the three writ petitions succeed and are allowed.
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