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| The Tax Publishers2020 TaxPub(DT) 0521 (Bom-HC) INCOME TAX ACT, 1961
Section 148
Since AO has merely reiterated the reasons already supplied and assessee contended that for the purpose of capital gains, handing over of possession was of importance, therefore contention of assessee that there was no reason to believe that income had escaped assessment, prima facie, holds merit.
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Reassessment - Validity - Capital gain -
By this petition, assessee challenged the notice issued under section seeking to reopen the assessment. Reasons accompanying the notice for reassessment stated that a deed of transfer was executed between assessee and third party for sale of flat. An amount was received pursuant to this agreement and short-term capital gain had to be offered in the assessment year 2012-13 and not in the year 2013-14. Since the income had escaped assessment in this manner reassessment was necessary. Held: The order rejecting the objections of assessee nowhere refers to any of documents submitted by assessee. AO had merely reiterated the reasons already supplied. Assessee relied upon the decision in case of CIT v. Millennium Estates (P.) Ltd. [(2018) 93 Taxmann.com 41 (Bom) : 2018 TaxPub(DT) 831 (Bom-HC)] to contend that for the purpose of capital gains, handing over of possession was of importance. Contention of assessee that there was no reason to believe that income had escaped assessment, prima facie, holds merit.
REFERRED : CIT v. Millennium Estates Pvt. Ltd. (2018) 93 Taxmann.com 41 (Bom) : 2018 TaxPub(DT) 831 (Bom-HC).
FAVOUR : In assessee's favour.
A.Y. :
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