Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (11) TMI 1893 - AT - Income TaxReopening of assessment - Addition of assessee's share on account of profit generated from sale of property - assessee having l/6th share in the property - HELD THAT:- There was no basis or material on record to calculate the value of land @Rs, 1000/- per sq.yd and of the cost of construction of ₹ 100/- per sq.ft. as is noted in the reasons. There is no material, what to say of tangible material available on record to justify re-opening of the assessment. AO merely on assumption, presumption, recording vague and non-existing reasons, recorded the reasons for re-opening of the assessment which are not sufficient to validate the re-opening of the assessment in the matter. Thus, there is no reason to believe with the Assessing Officer to assume the jurisdiction u/s148. Reasons recorded u/s 148 reflect as arbitrary use of power conferred, under section 147 of the Act. In this view of the matter, we set aside the orders of authorities below and quash the re-opening of the assessment under section 147/148 - Decided in favour of assessee.
|