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2023 (10) TMI 558 - ITAT DELHIReopening of assessment u/s 147 - assessee has claimed exemption u/s 54B(2) on the ground that the said amount has been deposited in a capital gain scheme account, but no proof of same was furnished - HELD THAT:- As in the computation of income filed at the time of original assessment available assessee had given the detail of the capital gains calculation. As the reasons of reopening available on record and also examined from the assessment record made available by DR, are considered, it is apparent that the failure has been attributed to the assessee for not disclosing fully and truly all material facts. CIT(A) during the first appellate proceedings observed that the issue has arisen only out of audit objections and in regard to which even there was an office note from the ACIT wherein nothing adverse was noticed so requiring no action. It appears that merely on the basis of borrowed satisfaction the reopening was initiated. CIT(A) has also taken into consideration the fact that even there were rectification proceedings u/s 154 initiated by AO in which too the information provided by the assessee was duly taken into consideration and no mistake was found in the order dated 23.12.2010. The factual findings given by CIT(A) could not be disputed by Ld. DR. The fact of payment of Rs. 55 lakhs to Sh. Balwant Singh stand establish as the same was through a banking channels and the bank certificate of deposit of Rs. 2.22 crores in the capital bank account is duly established. Ld. AR has also canvassed before us as to how the amount deposited in the capital gains account was used for purchase of the land. The Bench is of considered opinion that the Annotated Report of DCIT, Hisar, was not a mere internal document but formed the basis for the reopening and which Ld. CIT(A) has rightly held to be a case of change of opinion. Decided in favour of assessee.
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