1981 (1) TMI 89

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....recorded by the ITO in the order-sheet entry dt. 23rd March, 1974: " 23rd March, 1974. The assessee transferred two plots No. 460 and 461 in Lajpat Nagar, Jullundur to his sons S/Shri Vinod Kumar, Ravi Kumar, Anil Kumar and Pawan Kumar. These plots were originally allotted to the assessee by the Improvement Trust, Jullundur and were later on transferred in the name of his sons on 30th March, 1970. The assessee took nominal profit in this transaction. Ultimately these plots were sold in September, 1970 i.e., within a period of six months and the profit earned in the transaction was divided amongst the four brothers who are the sons of the assessee. It is, therefore, clear that the assessee transferred these plots in March, 1970 to his son....

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....stated by the assessee's counsel that full particulars of the buyers i.e., the sons of the assessee were also disclosed before the ITO at the original assessment stage and the letter was addressed to the four sons of the assessee conveying to them that plot Nos. 460 and 461 in Lajpat Nagar had been transferred in their names. These are all the necessary facts which had been fully and truly disclosed by the assessee at the stage of the original assessment and we see no failure on the part of the assessee to justify the re-opening of the assessment under s. 147(a) of the IT Act. If there was any failure it was on the part of the ITO, who failed to invoke the provisions of s. 52(1) of the IT Act, which he has later sought to invoke in the re-a....