2011 (3) TMI 1013

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.... Mr. Vimal Gupta for respondent. ORAL JUDGMENT (PER J.P. DEVEDHAR, J.) 1) Rule. Rule made returnable forthwith. By consent, the petition is taken up for final hearing.   2) This petition is filed to challenge the notice dated 30/3/2010 issued under Section 148 of the Income Tax Act, 1961 ('the Act' for short) seeking to reopen the assessment for the Assessment Year 2003-04. The pe....

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....o on 27/12/2001 for a total consideration of Rs.14.31 crores.   4. In the return of income filed for AY 2003-04 the assessee offered to tax long term capital gains arising on transfer of the development rights in the property in question. The assessing officer after detailed investigation and after obtaining full particulars from the assessee passed an order under Section 143(3) of the Act....

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....en computed as short term capital gains.   5. At the outset, it may be noted that in the present case, the assessment is sought to be reopened beyond the period of four years from the end of the relevant assessment year. As per the proviso to Section 147 of the Act, the assessment beyond four years from the end of the relevant assessment year can be reopened only if there is failure on the....

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....e said to have suppressed material facts. Similarly, development rights were available on the property in question even before the Board of Directors of the company decided to transfer the development rights. Therefore, the date on which the resolution was passed for transfer of development rights has no relevance in computing the capital gains.   6. In these circumstances, it cannot be sa....