TaxTMI 
TaxTMI 
2020 (2) TMI 733
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....cation of machinery prescribed for reopening of the assessment under Section 148 read with Section 147 of the Income Tax Act, 1961. 3. The impugned communication was issued to the petitioner in response to the objection of the petitioner vide letters/communications dated 05.04.2016 and 26.09.2016 against the notice dated 30.03.2016 bearing reference No. PAN:ADLPV3666R/ACIT/NCC-15/AY 09-10 issued under Section 148 read with Section 147 of the Income Tax Act, 1961. 4. The petitioner had purchased a property in the year 2001 in Mumbai for a sum of Rs. 54,32,000/-. The petitioner registered the said property vide sale deed in the year 2008 and perfected the title. Later the petitioner sold the same for a total consideration of Rs. 1.20 cr....
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....med Long- Term Capital Gain of Rs. 41,39,650/- on transfer of house property for sale consideration of Rs. 1.2 crores and had claimed an exemption under Section 54 by depositing a sum of Rs. 50 lakhs under the Capital Gain Scheme the Corporation Bank on 13.07.2009 and that from the recital of the Agreement of Sale dated 18.03.2009, it was noticed that the petitioner had acquired the house property only on 30.01.2008 and transferred it within fourteen months of its purchase and therefore wrongly claimed the benefit of Long Term Capital Gains under Section 54 of the Income Tax Act, 1961. 10. The respondent concluded that the capital asset transferred was only a short-term capital asset as it was held for a period less than thirty six month....
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....g of the assessment review would take place. 13. The learned counsel for the petitioner also submitted that the view of Division Bench of this court in the Joint Commissioner of Income Tax Vs. Kalanithi Maran, 2014 3 LW 846, was overruled by the Hon'ble Supreme Court. 14. The learned counsel for the petitioner also submitted that the Hon'ble Supreme Court in Jeans Knit Private Limited Vs. Deputy Commissioner of Income Tax, (2018) 12 SCC 36, has reiterated the principle laid down by the Hon'ble Supreme Court in Calcutta Discount Private Limited Vs. CIT, (1961) 41 ITR 191. The reliance was also placed on a recent decision of the learned Single Judge in the M/s.Asianet Star Communication Private Limited Vs. Asst Commissioner of Income....
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.... of assessee to either fully and/or truly disclose materials required for assessment, the machinery under Section 147 of the Income Tax Act cannot be invoked beyond the period of four years. The Hon'ble Supreme Court has also held that if there is a change of opinion, the Department cannot resort to Section 147 of the Income Tax Act, 1961. 19. From the facts of the case, it is evident that petitioner had claimed Long-Term Capital Gains under Section 54 of the Income Tax Act, 1961, in his return filed for the Assessment Year 2009-10 on 30.07.2009. Before the assessment was completed, the petitioner was called upon to furnish evidence in support of his claim for deduction under Section 54 of the Income Tax Act, 1961 vide letter dated 09....
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.... issue as it cannot be said that income chargeable to tax had escaped assessment by reason of the failure on the part of the petitioner to either make a return under Section 139 or in response to a notice issued under Section 142(1) or Section 148 to disclose fully and truly all material facts necessary for his assessment. 23. At the same time, while dropping the proposal contained in the notice invoking Section 148 of the Income Tax Act, 1961, the rights of the respondent to exercise the power in terms of Explanation 3 to Section 147 of the Income Tax Act, 1961 cannot be curtailed. 24. The issue of notice under Section 148 for the purpose of passing an order of re-assessment Section 147 has to merely satisfy the requirement of Sectio....