TMI Blog2018 (2) TMI 1379X X X X Extracts X X X X X X X X Extracts X X X X ..... this aspect therefore becomes important. As correctly pointed out by the counsel for the petitioner, there was no additional or extraneous material at the command of AO now to believe that income chargeable to tax has escaped assessment. Only on this ground, the notice of reopening needs to be quashed. This Court in case of Adani Exports vs Deputy Commissioner Of Income Tax (1998 (12) TMI 51 - GUJARAT High Court) and several times repeated by the Supreme Court later, reopening cannot be resorted to under the insistence of the audit party, particularly when the Assessing Officer holds a contrary belief. From this angle, we have perused the original files and do not find that the Assessing Officer independently believed that the audit not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee completed the said project in the financial year 2009-10. The BU permission was issued by Ahmedabad Municipal Corporation on 15.03.2010, i.e. in financial year 2009-10 (AY201011). He assessee completed the project in the assessment year 2010-11. herefore, he should have offered Sale of shops/offices and the unsold shops/offices would be his closing stock on 31.03.2010. In view of the same AY 201011 is the year in which assessee was liable to pay capital gain u/s. 45(2), wherein the Fair market value of the land on the date of conversion of it into stockintrade is the full value of consideration. In this case the assessee has claimed the FMV at ₹ 2,92,35,000/. The cost of the land is claimed by the assessee at ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Revenue opposed the petition contending that the Assessing Officer has recorded proper reasons. Reassessment should be allowed to be completed. 5. The record suggests that previously assessment was framed by the Assessing Officer after full scrutiny. The impugned notice has been issued beyond the period of four years. The question of the assessee failing to disclose truly and fully all material facts necessary for assessment therefore becomes important. Nothing stated in the reasons recorded or from the materials on record suggest that the assessee failed to disclose truly and fully all material facts. In fact, the Assessing Officer has examined the materials on record during the original assessment proceedings, now to form a belief that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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