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2015 (12) TMI 1512 - HC - Income TaxReopening of assessment - assessee sold his immovable property and had earned long term capital gain claiming deduction under section 54-EC on investment in Rural Electrification Corporation - Held that:- The reasons recorded by the assessing officer do not even suggest that the income chargeable to tax had escaped assessment due to failure on the part of the assessee to disclose truly and fully all material facts. The revenue has not, even if possible to do so, demonstrated any such failure on the part of the assessee. In fact, counsel for the petitioner rightly pointed out that not only that all such declarations were in the returns filed, during the assessment also this issue had come up for consideration. The petitioner in communication dated 03.09.2010 had pointed out to the assessing officer the investments made with the Rural Electrification Corporation and in purchase of immovable property. Thus, quite apart from the reasons recorded by the assessing officer not indicating any failure on the part of the assessee to disclose truly and fully all material facts, even the record suggests to the contrary. Reopening quashed - Decided in favour of assessee.
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