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2016 (3) TMI 1312 - AT - Income TaxValidity of reassessment order - failure to comply with the mandatory conditions of section 147 to 151 - the agricultural land sold by the assessee and profit earned thereof which has been claimed commission - AO passed order u/s 143(3) of the read with Rule 147 taxing 50% of the capital gain on sold as this land as short-term capital gain. - Held that:- The reason recorded does not show any material based on which the reopening has been initiated. Further the reasons recorded for reopening as well as the inspector report are not in conformity with each other as the reopening has been made under the assumption with the land in question is falling within the specified number of kilometers, whereas the inspector’s report shows that the main land is about 11 kms from the Palwal-Tehsil. In view of the above facts we are of the view that the case of the assessee squarely falls within the parameters laid down by Hon’ble Delhi High Court - the notice issued u/s 148 read with section 147 is invalid - Decided in favor of assessee.
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