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2018 (3) TMI 436 - HC - Income TaxReopening of assessment - non disclosure of sale of land - whether Letter of Allotment does not confer the possession of land on the buyers and possession of land is given only on execution of sale deed - Held that:- Admittedly, in the present case, plot of land which have been sold are the trading assets of the Assessee. Thus, the above Section would have no application. So far as the reliance upon the statement of Mr. Deshmukh is concerned, it was pointed out that sale deed and consequent possession of the plot was given to Mr. Deshmukh only on 11th March, 2004 and not at the time of issuing an allotment letter in 2002. Thus, the sole reliance upon the statement of Mr. Deshmukh, is not justified in the context of the documentary evidence to the contrary. Therefore, on the basis of the allotment letter, it is clear that no possession of the plot was given to the prospective buyers till the execution of the sale deed. In the above circumstances, the view taken by the Tribunal, on facts, is a possible view. Therefore, the proposed question does not give rise to any substantial question of law. Also it is an undisputed position that Assessee has offered the income on sale of plot to tax, on execution of sale deed. The Revenue has also accepted the tax on it. Therefore, in the absence of Revenue pointing out any change in law in the subsequent year which works to its prejudice, subjecting the sale of plot to tax in the subject Assessment Years, is only an academic exercise.
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