2009 (10) TMI 12

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....s come forward with this appeal raising the following substantial question of law:- " Whether on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the re-opening of assessment under section 147 was not proper and denial of exemption under Section 54 was bad for the assessment year 1995-96?" 2. As it is seen from the order of the assessing Authority....

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....er Section 54 of the Act to the extent of Rs.12,50,000/- was allowed at that point of time. It is only thereafter the present reassessment proceedings came to be initiated by issuing notice under Section 148 of the Act. The alleged escapement of capital gain taxed on the sum of Rs.1,37,788/-, which was earlier allowed under Section 54 in the proceedings dated 27.2.1997. 4. The Assessing Authori....

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....me-tax (Appeals), taking note of all the above factors. 5. In this context, in the decision of the Honourable Supreme Court reported in (2003) 264 ITR 566 (Commissioner of Income tax V. Foramer France), the Supreme Court made it clear that when the reassessment notices were issued and when admittedly there is no failure on the part of the assessee, who disclosed fully and truly all the material....