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2018 (5) TMI 998 - AT - Income TaxReopening of assessment u/s 147 - addition on account of purchase of flat - Held that:- The assessment was made u/s 50C i.e. on Capital Gain arising from the sale of property without dealing with the purchase of any immovable property. No reasons recorded have been supplied to the assessee. The assessment has been made u/s 144. In the notice u/s 144 dated 21.11.2016, AO has first time referred to capital gain on sale of land which means the AO obtained the copy of the Registered Transferred Deed dated 04.12.2008 which was executed by Smt. Ritu Aggarwal for a consideration of ₹ 1,85,000/- on 04.01.2008 by Sh. Mahender Kumar. Now neither the notice nor the proceedings u/s 147 could be validated by this notice. In fact as per the sale deed seller is Smt. Ritu Aggarwal and purchaser is Sh. Mahender Kumar and no notice had been issued to either of them. The proceedings initiated u/s 147 are bad in law and are directed to be quashed. The legal grounds raised by the assessee are allowed. Since the assessee succeeds on legal grounds, we do not decide the merit in the matter. - Decided in favour of assessee.
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