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2022 (9) TMI 1326 - HC - Income TaxReopening of assessment u/s 147 - show cause notice under Section 148A(b) - claim of the LTCG of the petitioner - Claim of deduction u/s 54 - HELD THAT:- The sale of the residential house by the petitioner and purchase of the New Property by the petitioner within the stipulated time is admitted by Revenue - as further admitted that the entire sale consideration for the New Property as well as the stamp duty has been paid by the petitioner. The respondent has not disputed that this information was available and scrutinised by the AO during the assessment proceedings which resulted in the assessment order dated 07th November, 2017, and the AO was satisfied with respect to the claim of the LTCG of the petitioner. The judgment of this Court in Ravinder Kumar Arora [2011 (9) TMI 343 - DELHI HIGH COURT] relied upon by the petitioner as regards his entitlement to claim LTCG is squarely applicable to the facts of the case. Re-assessment has been initiated on the basis of change of opinion, which is not permissible. There is no new information available with the respondent to re-assess the LTCG claim. AO had considered the same documents during the earlier assessment proceedings and was satisfied with the claim of LTCG made under Section 54 of the Act. Petitioner is entitled to claim exemption under Section 54 of the Act on these admitted facts, as the conditions stipulated in Section 54 stand fulfilled. The New Property would be treated as the property purchased by the petitioner in his name and merely because he has included the name of his wife and the property has been purchased in the joint names, it would not disentitle the petitioner from claiming the exemption under the statutory provisions. Accordingly, the order dated 28th July, 2022 under Section 148A(d) of the Act, and notice issued under Section 148 by the respondent with respect to the Assessment Year 2015-16 are set aside. WP allowed.
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