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2023 (11) TMI 854 - ITAT AHMEDABADReopening of assessment u/s 147 - Reasons to believe - allegation of escapement of income as assessee has not shown any capital gain from the sale of immovable property in his Return of Income - HELD THAT:- Whereas it can be seen from the original Return of Income filed by the assessee assessee declared his salary income and computation of capital loss and working of cost inflation index as on 01-04-1981. So without verifying the original Return of Income, the Ld. A.O. has recorded the reasons that the assessee has not shown any income from capital gain which is an incorrect statement and non-application of mind by the Assessing Officer while recording the reasons for reopening the assessment for the Assessment Year 2008-09. Also as seen from Para 3 of the assessment order, A.O. himself admits that the Return of Income filed by the assessee wherein the computation of capital loss offered by the assessee. This is self-contradictory to the reasons recorded by the A.O. It is thereafter, the Ld. A.O. referred the matter to DVO to ascertain the Fair Market Value of the immovable property as on 01-04-1981. Thus when the reasons recorded itself is found to be incorrect and there is no failure on the part of the assessee in disclosing the capital gain. Therefore invocation of section 147 and issuance of notice u/s. 148 of the Act by the A.O. are without authority of law and cannot be sustained. Assumption of jurisdiction u/s. 147 of the act is without authority of law and the same is not sustainable. Decided in favour of assessee.
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