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2018 (8) TMI 2034 - AT - Income TaxCondonation of delay - delay of 225 days - HELD THAT:- The vested right cannot be disturbed so lightly. Such a concept of vested right is not available to the Revenue in the income-tax proceeding. Constitution of India in categorical term declares that the Revenue cannot collect any tax unless it is authorized by law. Therefore, the Revenue cannot retain a single pie of the assessee unless it is authorized by law. The concept of vested right or vested interest is alien to the income-tax proceeding. Therefore, this Tribunal do not find any merit in the objection of the Revenue. Accordingly, the delay of 225 days in filing the appeal by the assessee before this Tribunal is condoned and the appeal of the assessee is admitted. Reopening of assessment u/s 147 - share transactions which were not disclosed by the assessee - HELD THAT:- For the assessment year 2008-09, the assessee admittedly filed return of income on 05.02.2009, however, the share transactions were admittedly not disclosed by the assessee. Since the figures with regard to share transactions are claimed to be wrongly mentioned by the CIT(Appeals), this Tribunal is of the considered opinion that the matter needs to be reexamined. Accordingly, the orders of both the authorities below are set aside and the entire issue is remitted back to the file of the Assessing Officer. The Assessing Officer shall re-examine the matter afresh and bring on record all the transactions correctly, thereafter decide the issue afresh in accordance with law, after giving a reasonable opportunity to the assessee. In the result, the appeal of the assessee is allowed for statistical purposes.
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