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2019 (9) TMI 1233 - AT - Income TaxReopening of assessment u/s 147 - Long Term Capital Gains with evidences of sale deed/purchase deed/additions made in each year and also explain deduction claimed u/s 54 - HELD THAT:- No specific information was noticed by the Revenue on the basis of which re-opening has been made, the fact remains that there is nothing placed on record by the AO or tax authorities to justify the claim that the re opening was warranted beyond the period of four years. In the facts of the present case, we find that on merits, the case of the assessee deserves to be allowed. The addition made by way of a disallowance on the claim of exemption cannot be upheld for the detailed reasons addressed herein above which are in line with the position of law as argued before the CIT(A) and canvassed before us. Even otherwise we find that in the facts of the present case, nothing has been brought on record by the revenue to demonstrate that the action was warranted beyond a period of four years in the facts as they stand. Accepting the explanation offered and on consideration of facts, circumstances and position of law as discussed herein above, the appeal of the assessee is allowed.
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