TMI Blog2023 (11) TMI 596X X X X Extracts X X X X X X X X Extracts X X X X ..... it is admitted that the assessment for Assessment Year 2018-19 was completed on 27th August 2021 while the notice under Section 148 of the Act was issued on 31st March 2021. Respondent as agreed to a query posed by the court that if the amount has already been considered in the subsequent assessment years and assessment order has been passed, the question of escapement of income for the same amount in the previous year will not arise. We are also informed that there is no change in the rate of tax. Reopening order set aside - Decided in favour of assessee. - K.R. SHRIRAM DR. NEELA GOKHALE, JJ. For the Petitioner : Mr. V. Sridharan, Senior Advocate a/w Ms. Neha Sharma i/b Mr. Tanmay Phadke. For the Respondents : Mr. Sure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ings of petitioner the said sum of Rs. 43 Crores was also shown as cost of new school buildings by petitioner. 4. Petitioner had filed its return of income for the Assessment Year 2018-19 on 30th October 2018 showing Rs. 43 Crores as consideration for transfer of lease hold rights that was also shown/taken as application of income in the form of new school buildings under Section 11 of the Income Tax Act, 1961 (the Act). The return filed by petitioner for Assessment Year 2018-19 was selected for scrutiny. During the course of assessment proceeding, petitioner placed on record copies of computation of income and financials and also explained the nature of agreement etc. Copy of the agreement with the developer was also placed on record. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id not appear as part of the receipts/income. 6. Petitioner filed objections and in the objections to reopening brought to the notice of the Assessing Officer (A.O.) that the income of Rs. 43 Crores pertaining to the transfer of lease hold rights was duly offered to tax by petitioner on its own in the year of transfer, i.e., Assessment Year 2018-19 ruling out any escapement of income for the year under consideration on the date of issuance of notice and thus taxability did not arise in the Financial Year 2016-17. Petitioner also mentioned that the aforesaid income of Rs. 43 Crores as offered to tax for Assessment Year 2018- 19 stood accepted by the department after a detailed examination. Of course, petitioner also dealt with the merits ..... X X X X Extracts X X X X X X X X Extracts X X X X
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