2023 (1) TMI 833

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....filed ITR for Asstt year 2011-12 u/s 139, wherein full and true details of funds for purchase of DDA Flat at Dwarka Delhi were reflected on page 2/7of return. If these details had been considered by AO , there was no reason for reassessment and issue of notice u/s 148 of the IT Act 1961, on 14 March 2018. 2. That the AO issued notice u/s 148 on the basis of information provided by DDIT (INV) Jammu that appealant has purchase a DDA Flat at Delhi Costing Rs. 78,00,500/- Ltd AO considered it as new tangible material and issued the said notice. Ld CIT(A) erred in sustaining the same in its order dated 02-09-2022. 3. That Ld AO did not supply reasons recorded u/s 148(2) of the I.T. Act 1961 on 20.3.2018 as demanded by appellant....

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....ssee and submitted that the reopening was on the basis of the information received by the Assessing Officer regarding transaction in immovable property. He contended that the correctness of the claim regarding capital gains and deduction u/s 54F was required to be examined and verified. Therefore, the Assessing Officer had reason to believe regarding escapement of taxable income. 5. In rejoinder the assessee pointed out that in the return of income he had given a note regarding computation of capital gain. Therefore, it is not the case where the assessee had concealed and furnished inaccurate particulars of income. 6. I have heard rival contentions and perused the material available on record. As per the assessment order the case was ....