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2016 (12) TMI 414 - BOMBAY HIGH COURT

2016 (12) TMI 414 - BOMBAY HIGH COURT - TMI - Reopening 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 ex .....

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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 a .....

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of Income Tax Act, 1961; and (b) order dated 28th July, 2016 of the Assessing Officer rejecting the Petitioner's objection to the impugned notice dated 29th March, 2016. This Petition relates to Assessment Year 2009-10. 3 The reasons recorded for issuing the impugned notice dated 29th March, 2016 reads as under: Information has been received in this office that the above mentioned assessee has sold property in Mumbai to Shaina N. Chudasana, PAN AAAPC6147D, during the F.Y. 2008-09 relevant to .....

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h me and after duly applying my mind, I have reasons to believe that income chargeable to tax as indicated above, to the tune of ₹ 1,32,52,500/or any other income chargeable to tax which comes to my notice subsequently in the course of proceedings for reassessment, has escaped assessment for A. Y. 2009-10 within the meaning of Section 147 of the IT Act, 1961. 4 Petitioner filed its objection on 6th June, 2016 - pointing out certain factual inaccuricies in the reasons recorded. In particula .....

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