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2017 (7) TMI 462 - HC - Income TaxReopening of assessment - capital gain - share of assessee in property sold - Held that:- Going by the primary facts, we cannot come to the conclusion that the reasons recorded by the Assessing Officer lacked validity so as to prevent even the assessment to be made. As is well settled, as long as the Assessing Officer has tangible material at his command to form a bonafide belief that income chargeable to tax has escaped assessment, the Court would not interfere with the formation of such belief unless it is shown to be wholly perverse. The primary facts which we have noticed are that even as per the assessee, the property in question was sold for a consideration of ₹ 2.37 crores and the assessee would receive 50% share out of such sale proceed. The other connected fact is that adopting valuation for the purpose of stamp duty upon presentation of the document for registration, in case of coowner, the assessing authority has assessed the sale consideration for the purpose of capital gain to ₹ 3.37 crores. Thus we do not find that the notice for reopening requires any interference in exercise of writ jurisdiction. - Decided against assessee.
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