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2019 (4) TMI 1123 - HC - Income TaxValidity of reassessment proceedings u/s 147 - borrowed satisfaction of the audit party - original assessment u/s 143(3) - whether the sale of an immovable property by the respondent assessee had resulted into short term or long term capital gain? - HELD THAT:- We find that, both the CIT(A), as well as, the Tribunal have held that the re-opening notice is without jurisdiction. As assessee had furnished all information in respect of the issue of capital gains by letters during assessment proceedings. Therefore, AO 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 reopening 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. - no substantial question of law - decided in favour of assessee.
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