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2016 (12) TMI 414 - BOMBAY HIGH COURTReopening of assessment - capital gains on account of sale of tenancy/ lease hold rights - Held that:- In particular, the Petitioner has specifically pointed that the capital gains on account of sale of tenancy/ lease hold rights arose in the Assessment Year 2008-09 as is evident from ₹ 1.90 Crores being offered to tax in his return of income for Assessment Year 2008-09. Therefore, the impugned reopening notice is without jurisdiction to the extent it seeks to open the assessment for the Assessment Year 2009-10. Besides, in law, the Petitioner submitted that there could be no reason to believe that any income chargeable to tax has escaped assessment under Section 50C of the Act. This for the reason that it would have no application in case of transfer of tenancy/ lease hold rights. The order dated 28th July, 2016 disposing of Petitioner's objection does not even remotely refer to the Petitioner's above objections let alone deal with them. Nevertheless, the objections are rejected by order dated 28th July, 2016. In the above view, Mr. Kotangle, learned Counsel appearing for the Revenue very fairly states that the impugned order dated 28th July, 2016 may be set aside and restored to the Assessing Officer. This would enable the Assessing Officer to dispose of afresh the Petitioner's objection dated 6th June, 2016 on proper application of mind tn the objections raised. Order dated 28th July, 2016 is quashed and set aside.
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