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2019 (1) TMI 937 - AT - Income TaxReopening of assessment - failure on the part of the assessee to disclose fully and truly all material facts - Held that:- The conditions postulated in main provision as well as the first proviso are therefore required to be followed scrupulously to initiate reassessment proceedings. As per the first proviso, no action can be taken u/s 147 unless there is a failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment. The reasons disclosed to the assessee in fact indicates otherwise. From the reasons recorded it appears that the relevant facts were made available to the A.O at the time of the original assessment. Coupled with this, we do not see any allegation from the A.O against the assessee in the reasons recorded under section 148(2) of the Act towards any such failure on the part of the assessee to disclose relevant facts fully and truly. Therefore, apparently the conditions prescribed in the first proviso are not complied with and therefore the notice under section 148 of the Act seeking to re-open the completed assessment is clearly timed barred. The reassessment proceedings under section 147 of the Act is therefore clearly bad in law and requires to be quashed. Once it is found that the action under section 147 of the Act is not sustainable in law, the consequent order passed under section 143(3) r.w.s 147 is clearly void at the threshold. Consequently, the reassessment order so passed is set aside and cancelled.- Decided in favour of assessee. ALV of property (deemed let out property) under section 23(1)(a) - enhancing the deemed income by way of substituted ALV - Held that:- No justification for the action of the lower authorities in disregarding the municipal rateable value for determination of estimated ALV and substitution thereof by some expected rent based on some unauthentic information. Consequently, the action of the deserves to be set aside and the additions made on this score requires to be cancelled. - Decided in favour of the assessee. Long term capital loss on transfer of mutual fund units - Held that:- As pointed out on behalf of the assessee, certain evidences are alleged to have not been produced to support the revised claim before the lower authorities. In the circumstances we consider it expedient to restore the issue back to the file of the A.O to enable the assessee to avail afresh opportunity for corroboration of the revised loss so claimed and decide the issue in accordance with law denovo. Needless to say, the A.O shall adjudicate the issue after giving reasonable opportunity to the assessee.Consequently, the ground raised in this regard is allowed for statistical purposes. Quantification of long term capital loss on transfer of mutual fund units - Held that:- As pointed out on behalf of the assessee, certain evidences are alleged to have not been produced to support the revised claim before the lower authorities. In the circumstances we consider it expedient to restore the issue back to the file of the A.O to enable the assessee to avail afresh opportunity for corroboration of the revised loss so claimed and decide the issue in accordance with law denovo. Needless to say, the A.O shall adjudicate the issue after giving reasonable opportunity to the assessee. Consequently, the ground raised in this regard is allowed for statistical purposes.
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