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2014 (9) TMI 572 - HC - Income TaxValidity of reopening of assessment – Failure to disclose the material fact – Interpretation of Clause 14 DTA - Liability to pay capital gain tax – Held that:- The assessee is a resident of India - the AO did not apply his mind and moreover, it was an assessment u/s 143(1) of the Act, the return was accepted - Once this mistake was noticed, proceedings were initiated and the amount was brought to tax - All the three authorities have concurrently held that it is not a case of change of opinion and the levy of tax is proper – relying upon CIT v. Rinku Chakraborthy [2011 (1) TMI 1160 - Karnataka High Court] – Decided against assessee.
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