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2016 (1) TMI 71 - AT - Income TaxReopening of assessment - addition of capital gain - Held that:- Return of income was duly processed and accepted u/s 143(1). Later on, ITO, E 20(3)(4) Mumbai issued a letter dated 03.07.2008 requiring the assessee to furnish certain information which included details of transaction of sale and purchase made by the society in respect of immovable property. In reply, the assessee had submitted the entire details vide letter dated 18th July,2008 and 4th August, 2008 giving the entire details of permission sought from Dy. Registrar Co-op Society authorizing the sale of FSI, and also gave the copy of direction of the Dy Registrar to utilize the fund for ‘specific purpose’. After having received this information, the assessee’s case was not selected for scrutiny and time limit for issuance of notice u/s 143(2) had expired on 30.09.2008. Again a summon was issued by the Investigation on 27.01.2010, mainly requiring the assessee to furnish copy of income-tax return furnished for the last five years and bank statement. Again in response to said summon, the assessee submitted all the requisite details. Now, after all these exercise of seeking information which was already there on record and without there being any tangent material coming on record, the assessee’s case was sought to be reopened on the ground that assessee has received ₹ 1 crore during the relevant financial year from sale of FSI and the entire amount claimed as deduction cannot be allowed. There is no reference in the ‘reasons recorded’ about any material or information coming on record to show that assessee’s claim for deduction is either not tenable or is incorrect and therefore, income chargeable to tax has escaped assessment. Here it is not a question of purely “change of opinion”, on the ground that earlier assessment was completed u/s 143(3) albeit the issue is, when the assessee has made full disclosure in the return of income which has been enquired upon by the Department twice and no further action has been taken, then, without there being any contrary or adverse material on record, reopening u/s 147 can be made without any tangent material indicating escapement of income. There cannot be “reason to believe” on the same set of facts and record, which has been subjected to examination by different Departmental authorities. - Decided in favour of assessee
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