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2018 (4) TMI 606

been made to meet the objections raised by the audit party. It is also not disputed that the assessment was reopened after four years from the end of the relevant assessment year and no approval U/s 151 of the Act is placed on record. Moreover, the assessee has placed before the Assessing Officer all relevant material during the original assessment proceedings. Under these undisputed facts, we are of the view that the action of the Assessing Officer is contrary to the settled law, which demonstrates that the Assessing Officer has not applied his mind independently. Hence, we find force into the submission made by the assessee. The impugned assessment order is hereby quashed being contrary to the law. - Decided in favour of assessee - ITA No .....

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ation of reassessment proceedings was obtained from the superior authority. 6. That Ld A.O. grossly erred in not referring the matter for valuation u/s 50C(2) of the Act. 7. On the facts & circumstances of the case Ld. A.O. grossly erred in not considering the fact that the alleged property is subject to Acquisition and therefore the DLC rate should have been applied of the date of notification and that too for only 15% of land. 8. On the facts & circumstances of the case Ld. A.O. grossly erred in making additions under the head Long Term Capital Gains for ₹ 7,90,500/- by invoking the provisions of section 50C of the Act. 2. Briefly stated facts of the case are that the case of the assessee was reopened for assessment and the .....

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assessment. Therefore initiation of reassessment proceedings on the basis of old material, which has been considered at the time of original assessment is unlawful and ab initio void. Ld AO during the course of original assessment proceedings considered the issue of assessment of income from Long Term Capital Gain of alleged land. After considering all the material on the record like computation of income, copy of agreement to sale, copy of valuation report of approved valuer and information received from sub registrar Sanganer II in respect of DLC rate accepted the Long Term Capital Gain declared by the assessee u/s 143 (3) of the Income Tax Act, 1961. Thereafter simply on the basis of audit report, Ld Assessing Officer initiated the reass .....

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that reopening of assessment on the basis of mere reverification of material and primary facts which are already on record & duly considered by AO while passing original assessment order is bad in law. Hon'ble High Court of Gujarat in the case of Jagat Jayanti Lai Pareek v/s DCIT 355 ITR 0400 (2013) has held that reasons for reopening were almost identically worded as that of audit report. No material emerged to indicate any independent application of mind. It was held that AO has not formed his independent belief. Initiating reassessment proceedings on invoking Section 50C is unlawful. No sanction from superior authority u/s 151 of the Income Tax Act. 1961. Yourhonour, in this case the original assessment was made u/s 143 (3) of th .....

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as framed on 20/12/2010 and the assessment year involved is 2008-09. The reopening of the assessment is challenged on the ground that (i) it is reopened on the basis of borrowed satisfaction i.e. on the basis of audit objection, (ii) the reopening is based on change of opinion, (iii) the requisite approval as contemplated U/s 151 of the Act was not obtained and (iv) the addition is made on the basis of adopting the valuation as per the stamp valuation authority, which is ex facie erroneous in view of the fact that Section 50C of the Act came on statute book w.e.f. 01/10/2009, hence is not applicable on the facts of the present case. We find that these objections are not adverted by the ld. CIT(A). The revenue could not controvert the fact t .....

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