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2018 (3) TMI 1743 - AT - Income TaxReopening of assessment u/s 148 - entitled to the benefit of deduction u/s 54EC - HELD THAT:- Admittedly, the assessee did not offer the amount for taxation in the return of income for the assessment year 2008-09. Whereas as per the agreement, the assessee had transferred his shareholding in the company. AO got the knowledge of the receipt of additional amount on the basis of the audit objections raised by the audit party for assessment year 2010-11. Therefore, the factum of the said receipt of the additional consideration in relation to the transfer of shares came for the first time into the knowledge of the AO pursuant to the said audit object ions. Since, as per the Assessing officer, the transfer had taken place in the financial year 2007-08 relevant to assessment year 2008-09 and he was of the view that the said amount was liable for taxation in the year 2008-09, hence, he was of the genuine and reasonable belief that the income of the assessee for assessment year 2008-09 had escaped assessment. Whether the said amount had actually accrued to the assessee or not was a matter of evidence / discussion and deliberation which could have been done during the assessment proceedings. In view of the above, we do not find any infirmity in the action of the Assessing officer so far as the reopening of the assessment is concerned. Ground No.1 & 2 of the assessee’s appeals are, therefore, dismissed
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