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TMI Blog2022 (11) TMI 912X X X X Extracts X X X X X X X X Extracts X X X X ..... ingly, the delay in filing the appeal is condoned and admitted for adjudication. 3. Facts are, in brief, that the assessee is an individual deriving income from house property, long term capital gain and other sources. On verification of details available on record, the Assessing Officer has noted that the assessee along with her son Sri Srikanth Venkineni had entered into a joint venture development agreement with M/s. Vinayagar promoters and Builders, Visakhapatnam to develop and construct flats on the property at No. 2, MIG at Gangapur Layout, Visakhapatnam measuring 415 sq. yards. The assessee and her son (Co-Owner) retained 90 sq. yards and relinquished the right on the balance 325 sq. yards in quid pro quo received sum of Rs..80,00,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 143(3) r.w.s. 147 of the Act dated 12.12.2018. 5. The assessee carried the matter in appeal before the ld. CIT(A) challenging the reopening of assessment. The ld. CIT(A) has considered the issue of reopening and observed that though the assessment was reopened beyond the period of four years from the end of the relevant assessment year, when the notice under section 148 of the Act was issued, the return of income for the year had not been subject to scrutiny under section 143(3) of the Act and the Assessing Officer has material in his possession. Accordingly, the ld. CIT(A) upheld the reopening of assessment passed by the Assessing Officer. 6. On being aggrieved, the assessee has challenged the reopening of assessment in her appeal be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and claimed exemption u/s.54F. In order to verify the correctness of Sec. 54F claim and to assess the escaped income chargeable to tax, I have reason to believe that income chargeable to tax has escaped for assessment and the same requires to be brought to tax by reopening assessment." 8.1 From the above, it is very clear that the Assessing Officer has reopened the assessment to verify the correctness of claim made under section 54F of the Act. It is not the case of the Assessing Officer that the claim made by the assessee under section 54F of the Act is either wrong or wrongly allowed. It was only for the purposes of ascertaining the correctness of the claim. In our opinion, the reasons recorded by the Assessing Officer to reopen the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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