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TMI Blog2023 (3) TMI 116X X X X Extracts X X X X X X X X Extracts X X X X ..... llant before him. I. Challenging the validity of notice issued u/s.148 of the Act for reopening the assessment u/s.147 of the Act as well as passing the order u/s.143(3) r.w.s. 147 of the Act. 1. The Ld. CIT(A) has erred in law and on facts in confirming the action of the Ld. AO in issuing the notice u/s,.148 of the Act for reopening the assessment u/s.147 of the Act as well as passing the order u/s.143(3) r.w.s. 147 of the Act. 2. The Ld. CIT(A) has erred in law and on facts in not considering the fact that reopening of the case of the appellant under section 147 of the Act by the Ld. AO merely on the basis of borrowed satisfaction without application of mind in absence of any tangible material and/or independent clinching evidence a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by appellant in view of various judicial pronouncements of various courts. In the case of appellant, the sale value declared by appellant in the return of income in respect of land at Rundh is Rs.9,49,89,978/- and the value as determined by the District Valuation Officer (DVO) is Rs.10,34,91,000/- which is approximately 8.95% higher but less than 10% and hence the value adopted by the appellant is to be accepted by the Ld. AO. 4. The Ld. CIT(A) has erred in law and on facts in not properly considering various judicial pronouncements relied upon by the appellant. PRAYER The appellant therefore respectfully prays that :- 1. The action of the Ld. CIT(A) in confirming the reopening of assessment by the Ld. AO by issuing the notice u/s.14 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as on doing reverse working for deriving Jantri Value of the property under consideration. After taking cognisance of the assessee's reply, the Assessing Officer made addition of Rs.3,43,840/- under Section 50C of the Act. 4. Being aggrieved by the Assessment Order, the assessee filed appeal before the CIT(A). The CIT(A) partly allowed the appeal of the assessee. 5. The Ld. AR submitted that as regards to ground no.1, challenging the validity of notice issued under Section 148 of the Act, the CIT(A) erred in not considering the fact that reopening of the case of the assessee under Section 147 of the Act merely on the basis of borrowed satisfaction without application of mind in absence of any tangible material and/or independent clinchin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6,451/- on account of Section 50C of the Act. The Ld. DR relied upon the Assessment Order and the order of the CIT(A). 7. Heard both the parties and perused all the relevant material available on record. As regards to ground no.1, the re-opening of the assessment in assessee's case was justifiable as the independent satisfaction was given. Besides that, the assessee in the details filed in Income Tax Return did not consider the Jantri Value in computation of gain which is the disputed fact by the Revenue. Therefore, ground no.1 is dismissed. 8. As regards to ground no.2, from the perusal of the records it can be seen that in the return of income in respect of land and the value as determined by the DVO is approximately 8.95% higher but le ..... X X X X Extracts X X X X X X X X Extracts X X X X
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