1981 (4) TMI 167

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.....yr. 1974-75 u/s 147 (b) of the IT Act, 1961. 2. The assessee had constructed a property at No. 21, Greems Road Madras-2 for purposes of his business. Even before the property was completed, it was sold. In Computation of the capital gains, the assessee took the cost of the property as the cost incurred on purchase of land, registration expenses, construction cost and interest on borrowed capital....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... his attempt u/s 147(b). He was of the view that there was no new information and that the Audit view was certainly debatable and that the Andhra Pradesh High Court in the case of Addl. CIT vs. KS. Gupta (1979) 119 ITR 372 (AP) has even decided in favour of the tax payer on the self same issue. There was no new information and he therefore cancelled the assessment for lack of jurisdiction. The ld.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nder assessment can be assumed only if the audit interpretation is also accepted. The information was prominently displayed by the assessee in the computation of income from capital gains, as we have seen from the copy of the statement furnished at the time off the original assessment available to the ITO. We are satisfied that the ITO accepted the assessee's computation not by oversight but becau....