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2015 (1) TMI 1057 - AT - Income TaxIncome escaping assessment - proceedings u/s 147/148 - AO seeking to tax capital gain in the hands of the assessee in assessment year 1999-2000 on account of the agreement with MTDC dated 26.03.1999 - Held that:- Revenue has not demonstrated any reason in the present cases so as to justify departure of the Department from its accepted stand in similarly placed other cases where capital gains in pursuance to agreement with MTDC dated 26.03.1999 have been taxed over the years and not in assessment year 1999- 2000. It is also not denied that the assessee has declared capital gains in the return for assessment year 2003-04 onwards on the basis of the entitlement certificates issued by MTDC in terms of the agreement dated 26.03.1999. Infact, in the case two of the appellants before us, namely, S/Shri Amol Krishna Ashtekar and Atul Krishna Ashtekar, the Assessing Officer has made scrutiny assessment for assessment year 2007-08 u/s 143(3) dated 17.12.2009 wherein the capital gains declared by the assessee in the returns of income have been assessed. Ostensibly, such assessments, which are in line with the stand of the Department in the cases of other farmers who are similarly placed as the assessee, itself show that in the impugned proceedings, Revenue has departed from its accepted position. There is no justification brought out by the Revenue for such a departure. Therefore, on the principle of uniformity of approach which is required to be adopted by the Revenue in relation to similarly placed assessees as laid down by the Hon’ble Supreme Court, in our view, the action of the income-tax authorities in the present case to initiate proceeding u/s 147/148 to assess capital gains on the basis of the agreement dated 26.03.1999 with MTDC is not justified. - Decided in favour of assessee.
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