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2018 (5) TMI 63 - HC - Income TaxRe-opening proceedings u/s. 148 - Validity of reason to believe - change of opinion - tax the profit of sale of a flat and 2 car parking in 'Tanhee Heights' as long term capital gains - Held that:- We note that during the regular assessment proceedings leading to the assessment order dated 12th September, 1996 under Section 143(3) of the Act, the respondent-assessee had furnished all information in respect of the issue of capital gains by letters during assessment proceedings. Assessing Officer had applied his mind to the facts and the law while passing the order of regular assessment. The decision in the case of Beena K. Jain (1993 (11) TMI 7 - BOMBAY High Court) being relied upon by the appellant in support of the re-opening notice was available at the time when the regular assessment order dated 12th September, 1996 under Section 143 of the Act was passed. Therefore, it would not be fair to presume that the Assessing Officer was ignorant of the decision rendered by this Court. Moreover, as the impugned order of the Tribunal itself records that the reasons recorded in support of the impugned notice was merely on the basis of borrowed satisfaction of the audit party. This also makes the impugned notice bad. - Decided in favour of assessee.
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