2014 (6) TMI 376

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.... The notice was thus issued within the period of four years from the end of relevant assessment year. The Assessing Officer supplied the reasons recorded by him for issuing such notice to the petitioner which read as under: "The assessee Shri Deepakbhai R. Patel is assessed to tax in the status of Individual. The return of income for A.Y.2009-2010 was furnished on 18.09.2009 declaring taxable income of Rs.1,46,590/-. The assessment was finalised u/s.143(3) of I.T.Act, 1961 vide order dated 18.10.2011.The taxable income was determined at Rs.1,99,350/-. 2. It is seen from the records that the assessee was co-owner of land situated at Village: Chadiel, Tal. Daskroi, Dist. Ahmedabad bearing survey No.83 Block No.130. The land was purchase....

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....I have therefore reason to believe that income chargeable to tax to the extent of Rs.9,84,302/- has escaped assessment within meaning of provisions of section 147 of I.T. Act, 1961.This is a fit case for issue of notice u/s.148 of I.T.Act,1961." The petitioner raised objections to such notice for reopening under communication dated 22.1.2014. Such objections were rejected by the Assessing Officer by order dated 7.2.2014. The petitioner has, therefore, filed the present petition. Counsel for the petitioner drew our attention to the documents on record and pointed out that in the return filed by the petitioner on 18.9.2009, major claim of the petitioner was for exemption under section 54B of the Act. During the course of the original as....

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.....83, Block No.130. The said land is joint property. Assessee is ½ holder of the said property. The said land is sold out on 17.02.2009 of Rs.20,63,700/- (Sale price Rs.3666180 - preimum paid conversion Rs.1602480) in which share of assessee was Rs.10,31,850/- (½ share of assessee of Rs.28,676/- (½ of Rs.57,352/-) .The land term capital gain is calculated as above computation." From such note, it can be seen that the petitioner has paid premium for conversion of the land. Thus, even in the return, the petitioner pointed out out to the department that the land was converted from agricultural land. Additionally, during the course of assessment, further details were also brought to the notice of the Assessing Officer. On....

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....essee of Rs.28,676/- (½ of Rs.57,352/-). The long term capital gain on sale of such land is already considered at the time of filing return of income for A.Y. 2009-2010. (A) in respect of above mentioned transaction following enclosures are attached herewith. 1) Copy of sale deed of Rs.36,66,180/- is enclosed on poage No.12 to 22. 2) Copy of Bank statement for verification of receipt of sale proceed on sale of land is enclosed on page no.01 to 01. (B) Enclosures regarding evidences for purchase of said property (sur.No.83 block No.130) are attached herewith as under: 1) Copy of Purchase deed is enclosed on page No.24 to 39. 2) Copy of premium paid Rs.16,693/- on page no.40 to 42. (C) Working of long term capital ....

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....the above bank account and the copy of the receipt showing the payment made is enclosed at page No.1 - 5. It can thus be seen that in the original assessment, the claim of the assessee for exemption under section 54B of the Act was thoroughly scrutinized. The Assessing Officer had raised certain questions. The assessee gave detailed answers to such questions. It was made plain to the Assessing Officer that the petitioner as an agriculturist had purchased agricultural land in the year 1998 and sold the same on 17.2.2009 after converting the same into non-agricultural land on 10.2.2009. It was after examination of such details, the Assessing Officer accepted the claim for exemption under section 54B of the Act. The issue was thus thoroughl....