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2019 (5) TMI 543 - AT - Income TaxReopening of assessment u/s 147 - nature of land sold gain arising from the said land was claimed to be exempt on the ground that the said land being an agricultural land was not a capital asset within the meaning of section 2(14) - HELD THAT:- Assessments completed originally in case of the two assessee were reopened by the Assessing Officer on the basis of vague and irrelevant information, which was indefinite and far-fetched for the formation of any belief that was entertained by the Assessing Officer that the land sold by the assessee was not an agricultural land within the meaning of section 2(14)(iii) and that the gain arising from such sale was chargeable to tax. It is thus abundantly clear that the reasons recorded by the Assessing Officer for the belief which was formed by him failed to satisfy the requirements of section 147 and the initiation of reassessment proceedings without satisfying this mandatory requirement was bad-in law. The assessments completed by the Assessing Officer under section 147/143(3) in case of both the assessee in pursuant to such invalid initiation thus are liable to be cancelled being bad-in-law. - Decided in favour of assessee.
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