2015 (11) TMI 1815

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....nt : Shri A.V. Sreekanth, JCIT For the Respondent : Sh. A.S. Sriraman, Advocate ORDER PER N.R.S. GANESAN, JUDICIAL MEMBER: This appeal of the Revenue is directed against the order of the Commissioner of Income Tax (Appeals)-V, Chennai, dated 13.06.2013 and pertains to assessment year 2005-06. 2. Shri A.V. Sreekanth, the Ld. Departmental Representative, submitted that the only issue ....

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....efore, the exemption of capital gain has to be withdrawn under Section 47A(3) of the Act. Since the Assessing Officer had not considered this at the time of original assessment, the assessment proceeding was reopened by issuing notice under Section 148 of the Act within a period of four years. However, the CIT(Appeals) found that there was a change of opinion. Therefore, he found that the Assessin....

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.... 3. On the contrary, Sh. A.S. Sriraman, the Ld.counsel for the assessee, submitted that the assessee has furnished all the materials before the Assessing Officer. In fact, notice under Section 143(2) of the Act was issued at the time of original assessment calling for the names and address of shareholders who subscribed the numbers of shares applied and the amount paid, etc. The assessee has fu....

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....h partner of the erstwhile firm, after succession, is not considered by the Assessing Officer at any point of time in the original assessment proceeding. Therefore, the Assessing Officer found that there was a difference in the allotment of shares. Hence, he issued notice under Section 148 within four years. As rightly submitted by the Ld.counsel for the assessee, there is no negligence on the par....