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2020 (10) TMI 305 - HC - Income TaxReopening of assessment u/s 147 - notice u/s 148 is barred by limitation - petitioner had under quoted the sale amount in the returns - HELD THAT:- Under the proviso to Section 147 department was entitled to issue the notice on or before 31.03.2014, on which date, the four year period prescribed under this Section, expires. Apparently, the notice under Section 148 dated 30.03.2016 is beyond the period of six years and as such, the notice itself is bad in law, since barred by limitation. As such, the consequential impugned assessment order dated 30.12.2016, cannot be sustained. Department submission that the petitioner had disclosed the full value in Annexure 1-A of the sale deed and that he had shown a lesser amount in the returns, cannot be sustained for two reasons. Firstly, such a reasoning was not assigned while the petitioner's objections were considered at the time of passing the assessment order. This ground of objection has been brought in the first time by way of a counter affidavit, which is impermissible. Secondly, Annexure 1-A is a statement made along with sale deed presented for registration and the value of ₹ 1,94,95,000/- is only a guideline, whereas the recitals in the sale deed evidences that the property was purchased at ₹ 1,50,00,000/-. Therefore the guideline value shown in the Annexure 1-A of the sale deed, cannot be construed to be an actual sale value and therefore the consequential decision that the petitioner had under quoted the sale amount in the returns, cannot be accepted. Nevertheless, it is made clear that this Court is not expressing its views that the sale price shown in the Sale Deed would be conclusive evidence for determination. Impugned assessment order cannot be sustained since it is barred by limitation and accordingly, the same stands quashed - Decided in favour of assessee.
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