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| The Tax Publishers2020 TaxPub(DT) 2918 (Mad-HC) : (2020) 316 CTR 0560 INCOME TAX ACT, 1961
Section 147
Even though assessment was reopened within four years, when there was no fresh material to disturb reasoning arrived at, during original assessment reopening of assessment was unsustianable.
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Reassessment - Reason to believe - Change of opinion - No fresh tangible material
AO reopened assessment on the reasoning that stamp duty value of property sold by assessee was higher than sale consideration declared by assessee and, therefore, addition was called for in view of section 50C. Assessee challenged this on the ground of change of opinion by AO.Held: Admittedly, Sale Deed, was only the document, which was subject matter of assessment. This document was very much available with AO when he completed assessment under section 143(3). Based on the very same document, assessment was reopened by serving notice under section 148 stating that assessee should have adopted value of the land as computed by District Revenue Officer under Indian Stamp Act for the purposes of computation of stamp duty payable on such instrument. It was clearly a review of assessment order under section 143(3) and even though assessment was reopened within four years, when there was no fresh material to disturb reasoning arrived at, reopening of assessment was unsustianable.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2009-10
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