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2019 (9) TMI 557 - HC - Income TaxReopening of assessment u/s 147 - deduction u/s 54 - allegation that thee property which was named as 'Gupta House' was actually an 'industrial plot' and not a 'residential house' - as per the Tribunal the AO did not have 'reasons to believe' that income chargeable to tax had escaped assessment and remand back the case to CIT for fresh adjudication - HELD THAT:- It is clear that an illegal set off was sought to be claimed by the respondent (which probably succeeded because of the misleading appellation of the property in the dispute viz. 'Gupta House'). We set aside the finding of the Tribunal that there were no reasons for Assessing Officer to believe that income chargeable to tax had escaped assessment. Facing this, respondent has argued that in the penultimate paragraph of the impugned order, the Tribunal had noticed that it was deciding appeal on the preliminary questions and had consequently, not decided other questions and has prayed that the matter should be remanded back to the Tribunal so that the other questions can be urged. Once the recitals made in the sale deed are not disputed, the other questions do not arise. Appeal stands allowed and the judgment of the Tribunal is set aside and the orders of the Commissioner and the Assessing Officer are upheld. - Decided in favour of revenue
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