https://www.taxtmi.com/highlights?id=58613 Reopening of assessment u/s 147 - non-disclosure of capital gain - sale of assets which were transferred to the partnership firm as capital contribution - since the transfer of land as a part of capital contribution the partnership firm took place in the year 2008, the same can be assessed only in the AY 2009-10 and not in the AY 2011-12. Therefore, for the year under consideration no amount of capital gain could be said to have taxable. - Reasons lack validity and the AO had proceeded on erroneous premise and there was no sufficient material before the AO to take a prima-facie view that income of the assessee for the year under consideration has escaped assessment. - HC en-us Fri, 02 Jul 2021 16:28:38 +0530 Fri, 02 Jul 2021 16:28:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=58613 Reopening of assessment u/s 147 - non-disclosure of capital gain - sale of assets which were transferred to the partnership firm as capital contribution - since the transfer of land as a part of capital contribution the partnership firm took place in the year 2008, the same can be assessed only in the AY 2009-10 and not in the AY 2011-12. Therefore, for the year under consideration no amount of capital gain could be said to have taxable. - Reasons lack validity and the AO had proceeded on erroneous premise and there was no sufficient material before the AO to take a prima-facie view that income of the assessee for the year under consideration has escaped assessment. - HC Highlights Income Tax Fri, 02 Jul 2021 16:28:38 +0530 https://www.taxtmi.com/highlights?id=58613