2018 (5) TMI 1443

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.... gross total income at Rs. 2,52,334/=. In such return, the petitioner had disclosed sale of one immovable property in which she was one of the coowners. After taking indexed cost of acquisition, the petitioner had shown capital loss of Rs. 23,819/=. Such return was revised by the petitioner, reducing the declared loss to Rs. 17,868/=. This was on the basis that in the original return, the petitioner had computed capital gain considering her onesixth share in the property. In the revised return, she corrected it to her share being oneeighth, hence, the revised return. The return filed by the petitioner was taken in scrutiny by the Assessing Officer during which he raised multiple queries; including with respect to various disclosures of neg....

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....ated 31st January 2014, received by this Office on 11th June 2015. As per the information, during the course of assessment proceedings in the case of Shri Maitri Sujal Shah [PAN : AAFQPS 3672F] for the year under consideration, the assessee along with seven others have sold an immovable property located, bearing TP Scheme No. 3, Final Plot No. 54 at Plot No. 8A, Shalibhadra Society, Near Navrangpura Railway Crossing, Usmanpura, Ahmedabad. On the basis of FMV determined by the Registered Valuer the LTCG worked out as per AVO's valuation report at Rs. 39,58,381/out of which the shares of the assessee @ of 12.50% comes to Rs. 4,94,798/= is undisclosed capital gain. Thus, the amount of Rs. 4,94,798/= will be treated as undisclosed capital gain.....

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....ain. The assessee produced such documents and the approved valuer's report assessing the value of property as on 1st April 1981. The Assessing Officer being satisfied with such material, made no additions in the order of assessment. The impugned notice was issued beyond the period of four years from the end of relevant assessment year. Such notice must be quashed on the ground of change of opinion as well as no failure on the part of the assessee to disclose truly and fully all material facts. As noted, the entire issue was examined by the Assessing Officer in the original scrutiny assessment. Any attempt on his part now to reexamine the issue would amount to change of opinion. Further, neither from the reasons nor from any other material o....