2017 (11) TMI 1893

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.... ORDER Diva Singh,JM The present appeal has been filed by the Revenue assailing the correctness of the order dated 27.01.2017 of ld. CIT(Appeals) Chandigarh pertaining to 2008-09 assessment year on the following grounds : 1. Whether on the facts and in the circumstances of the case, the Ld CIT(A) has erred by deleting the addition of Rs. 1,83,90524/- as assessee's share on ac....

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....d the order of the ITAT for this specific piece of land in the case of a co-owner, however, reliance is placed upon the assessment order. 4. We have heard the submissions and perused the material available on record. The assessee in the facts of the present case, alongwith other co-owners had sold a property at Industrial Plot No. 8, Phase-I Industrial Area, Chandigarh for an amount of Rs. 22,0....

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....: "13. Considering the above discussion, it is clear that there was no basis or material on record to calculate the value of land @Rs, 1000/- per sq.yd and of the cost of construction of Rs. 100/- per sq.ft. as is noted in the reasons. There is no material, what to say of tangible material available on record to justify re-opening of the assessment. The Assessing Officer merely on assumpt....

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....ion only. Resultantly all additions would be deleted." Respectfully following the decision of Hon'ble ITAT, Chandigarh in the appeal of Co-owner case, it is evident that reopening in such a situation, the notice u/s 148 and order of reassessment u/s 147 is liable to be quashed. Hence, the additional ground of appeal taken by the appellant is allowed. As the reassessment order has been....