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Re-assessment Invalid: AO Lacked New Tangible Evidence for Income Misclassification on Unsold Flats.
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....Reopening of assessment - validity of reasons to believe - AO has failed to refer to any tangible material coming to his knowledge - re-assessment proceedings were initiated on the ground that declaration of income from unsold flats by the assessee as ‘Income from house property’ was not correct - no merit in re-assessment proceedings....