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2023 (11) TMI 596 - BOMBAY HIGH COURTEscapement of income of trust - assessment year selection - as alleged petitioner had sold an immovable property and income arising there from was not offered to tax under the head “Capital Gains” in the return of income - as per assessee transfer of lease hold rights was duly offered to tax by petitioner on its own in the year of transfer - HELD THAT:- In the affidavit in reply filed through one Mr. P. N. Nair, Joint Commissioner of Income Tax (OSD) affirmed on 30th May 2022 it is admitted that the assessment for Assessment Year 2018-19 was completed on 27th August 2021 while the notice under Section 148 of the Act was issued on 31st March 2021. Respondent as agreed to a query posed by the court that if the amount has already been considered in the subsequent assessment years and assessment order has been passed, the question of escapement of income for the same amount in the previous year will not arise. We are also informed that there is no change in the rate of tax. Reopening order set aside - Decided in favour of assessee.
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