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2018 (8) TMI 657 - AT - Income TaxReopening of assessment u/s 147 r.w.s 148 - reason to believe - Capital gains - Sale of land - Agriculture land or not - capital assets - land was purchased and sold within a short period of 10 months time - Held that:- Merely because addition has been made in hands of co-owner, no presumption could be drawn that income has escaped assessment in the hands of assessee, without there being independent ‘reasons to believe’ , based upon cogent materials. Secondly, Inspector’s report based upon which assessment was completed in the hands of Smt.Chaya Sinha, specifically states that alleged agricultural land is situated 11 km away from Thasil Palwal, and therefore 2nd reason for reopening of assessment is again based upon a contrary view. Intention to use a particular piece of land for non agricultural purposes cannot by itself alter character of the land in question. Authorities below has not been able to dispute that during financial year relevant to assessment year under consideration, as per revenue records land in question has been shown as “KHUD KHAST” and without any basis or material evidence rejects these Government records by holding it to be an mechanical entry. No additions - reassessment is not valid - Decided in favor of assessee.
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