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2015 (8) TMI 321 - AT - Income TaxReopening of assessment - unaccounted sale of land - CIT(A) quashed reassessment - Held that:- As at the time of original assessment, all the details and particulars in connection with the sale of such land has been made available to the AO and since all the material facts in this regard were available with the AO while completing original assessment u/s.143(3) on 10-11-2005 and since it is not the case of the AO that the details regarding such sale of land had not been made available to the AO at the time of original assessment nor it is the case of the AO that petitioner had failed to disclose fully and truly all material facts necessary for his original assessment and or that after completion of original assessment any new information or materials had been received by him and which had not been disclosed by the assessee at the time of original assessment and since the proceedings u/s.147 had been initiated on the basis of same set of materials and papers which were available to the AO at the time of original assessment and only from the records of assessee with revenue filed at the time of original assessment u/s.143(3) of the Act and since it is not the case of the AO that assessee had not furnished all the details and particulars in this regard at the time of assessment and since the proceedings in this case u/s.147 of the Act have been initiated after a lapse of more than four years from the end of the assessment year on the basis of same set of materials made available to the AO at the time of original assessment, no valid proceedings u/s.147 were initiated in this case. Accordingly, we are of the view that the CIT(A) has rightly quashed the reassessment proceedings - Decided in favour of assessee.
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