TaxTMI 
TaxTMI 
2012 (7) TMI 93
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....n fact and in law to hold as correct the valuation of land in Civil Lines area at a rate of Rs. 0.25 per square meter as on 1.4.1981. 2. Because the learned C1T (A) failed to appreciate that the said land is situated on the main highway passing through the city and has also failed to apply the concept of fair market value of the land as on 1.4.1981. 3. Because the learned CIT (A) has failed to appreciate that the cases cited by the appellant are very much relevant and applicable to the appellant's case as they are situated in the same locality i.e. (Civil station - Allahabad) and were assessed by the same assessing officer, wherein he adopted a rate of Rs. 356/- per square yard as on 1.4.1981. 4. Because the learned CIT (A) also fa....
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....owing total income at Rs. 4,03,690 under the heads salary, house property and other sources on 23.7.1997 which was processed under section 143(1) of the Income Tax Act, 1961 (hereinafter called in short "the Act") on the returned income. Later on the assessment was also framed under section 143(3) of the Act on an income of Rs. 4,03,690 vide order dated 15.11.1999. This assessment was reopened under section 147 of the Act after recording reasons that deposits have been made for Rs. 11,55,931 on 18.3.1997. It was also recorded in the reasons that vide letter dated 28.6.2002 the assessee has admitted that all deposits have been made by him out of advance amount received by him through cheque against sale of land on 17.1.1997, 19.2.1997 and 24....
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....opening the assessment, the assessee filed objections which were not disposed of by the Assessing Officer. The assessee thereafter filed an appeal before the ld. CIT(A), but the order of the Assessing Officer was confirmed by the ld. CIT(A), against which an appeal was filed before the Tribunal and the Tribunal vide its order dated 16.3.2007 set aside the assessment and restored the matter to the file of the Assessing Officer with the direction to dispose of the objection of the assessee filed against the issue of notice under section 148 of the Act after giving opportunity of being heard to the assessee. 6. Consequently the Assessing Officer disposed of the objections filed by the assessee and made an addition of Rs. 5,23,058 as capital....
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....reasons that the assessee has earned capital gain on sale of two plots of land measuring 672 S.M. For the same transaction, receipt of sale consideration was taken into account while reopening the assessment by issuing notice under section 148 of the Act after recording reasons on 27.9.2002. Therefore, the Assessing Officer has tried to reopen the assessment on the same reasons which were not considered to be sufficient by the Assessing Officer for making addition while passing the reassessment order on 18.8.2003. The copy of the reasons recorded by the Assessing Officer at the time of first reopening and the second reopening are available on record at pages 31 & 32 and 33 respectively of the compilation of the assessee. The ld. counsel for....
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....2003 and did not make any addition in this regard, he cannot review his opinion with respect to same transactions on 11.3.2004 by issuing second notice under section 148 of the Act after having recorded reasons that the assessee has earned capital gain on the same transaction. This aspect has already been examined by the Hon'ble Apex Court in the aforesaid cases relied upon by the ld. counsel for the assessee. Besides, it has been repeatedly held by the Hon'ble Apex Court and various High Courts and also by the Tribunal that assessment cannot be reopened on account of change of opinion. It can only be reopened if the Assessing Officer has got some information and forms a belief that the income chargeable to tax has escaped assessment. But i....