Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 523 - ITAT JAIPURReopening of assessment u/s 147 - disallowance in relation to such long term capital gains and claim of deduction under section 54EC and 54F - change of opinion - Held that:- On perusal of the above reply dated 3.9.2010 of the assessee which is in response to specific queries raised by the AO, it is noted that at point 10, the assessee has stated clearly that Miss Adita Agarwal has invested ₹ 25 Lacs for purchase of house from Ace India Abodes Ltd. Ajmer Road, Jaipur and copy of related evidence for above investment was also submitted before the AO. This is the same transaction in respect of which the deduction under section 54F has been claimed while working out the capital gains. It is thus clear that relevant information and related evidence in support thereof was submitted and taken on record by the AO during the course of original assessment proceedings. Given the fact that the same was submitted in response to the specific query raised by the AO, we are left with no other view but to hold that the same was duly considered by the AO during the course of original assessment proceedings. It is clearly a case of change of opinion by the Assessing officer where he has allowed the deduction under section 54F during the course of original assessment proceedings and on the same pieces of information, he has reinitiated the proceedings by issuance of notice u/s 148 of the Act. Further, we donot see any failure on the part of the assessee to disclose relevant particulars during the course of original assessment proceedings as we have noted above. In the result, the reopening of assessment proceedings u/s 147 is not justified.- Decided in favour of assessee.
|