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2018 (4) TMI 693 - AT - Income TaxReopening of assessment - Addition on account of Long Term Capital Gains on protective basis - Held that:- The assessee admitted that the sale-deed was registered in the year 2011-12 but he received full consideration in the A.Y. 2008-09, therefore, he offered the same to tax under the head of long term capital gain. In the above said facts and circumstances of the case, the Long term capital gain has been assessed to tax on protective basis in the A.Y. 2008-09. The long term capital gain assessed on protected basis in the assessment year 2008-09 is herby treated as substantive assessment. Therefore in the said circumstances, we are of the view that the notice u/s 148 of the I.T. Act, 1961 to the assessee dated 21.03.2012 for the A.Y. 2005-06 and 2006-07 are not justifiable and are held to be wrong against law and facts and are hereby ordered to be set aside by relying upon the law settled in Hindustan Lever Ltd. Vs. R. B. Wadkar (2004 (2) TMI 41 - BOMBAY High Court).
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