2017 (4) TMI 1344

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....alid. According to ld. Departmental Representative the reopening was not based on a change of opinion. As per the ld. Departmental Representative, in the original assessment proceedings, ld. Assessing Officer had failed to apply Section 56(2)(v) of the Act, and also failed to verify the investments made by the assessee. Ld. Departmental Representative placed reliance on the judgment of Hon'ble Apex Court in the case of CIT vs P.V.S. Beedies Pvt Ltd, 237 ITR 13. 3. Nobody appeared on behalf of the assessee. 4. I have considered the submissions of the ld. Departmental Representative and perused the orders of the authorities below. Original assessment in this case was completed u/s. 143(3) of the Act. During the course of such original a....

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.... under:- ''The assessee had declared that he had sold one acre of land at Field-Ill, Green Piece, Sirathavur Kanchi District. He claimed exemption on the ground that this land, being agriculitirat was situated outside urban limits and was allowed exemption. The exempted capital gain worked out to Rs. 28,89,670/- (Rs.35,00,000 - Rs. 6,16,327). The assessee claimed to have purchased another plot of 5,784 sqft. at Krishnan Karanai Village for Rs. 34,88,000/- out of consideration of Rs. 35 lakhs received. It is noticed that the cost included cost of development of land for Rs. 1,94,545/- spent for forming roads and fencing. Under the circumstance of exemption of Rs. 28,83,670/- for capital gain requires to be considered and cl....

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....f the document relating to the sale of agricultural land which showed that _10,00,000/- was paid to the assessee as development charges. The Addl. Commissioner thereafter deputed an inspector to inspect the property to confirm if the land in question was agricultural Iand. The property was inspected on 22.12.2010 (Wednesday). The Land is situated 50 kms. from Chennai, 6 kiiometers from the Tiruporur Sub-Registrar's office and 24 Kms from the Chingleut municipality. The inspector later visited the VAO's office at Tiruporur to verify the chitta and adangal to gather some information on the nature of crop grown. The land is located approximately 1 kilometer from the main road and falls well outside municipal limits. The adanga....