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2020 (4) TMI 680 - AT - Income TaxReopening of assessment u/s 147 - Addition of assessee's share on account of profit generated from sale of property - HELD THAT - A perusal of the above order reveals that the Ld. CIT(A) while quashing the assessment u/s 147 of the Act has followed the decision of the ITAT in the case of co-owner of the assessee in ITO Vs. Ms. Malika Mundrey Saini 2017 (11) TMI 1893 - ITAT CHANDIGARH having similar facts and circumstances. The Ld. DR could not bring any distinction in the facts and law applicable for this case which may justify our interference in the order of the CIT(A). - Decided against revenue
Issues:
Appeal against quashing of assessment order u/s 147/148 of the Income Tax Act, 1961. Analysis: The appeal was filed by the Revenue against the order of the Commissioner of Income Tax (Appeals)-1, Chandigarh, challenging the quashing of the assessment order passed u/s 147/148 of the Income Tax Act, 1961. The basis for reopening the assessment was a valuation report by the District Valuation Officer (DVO) regarding a property sold by the assessee with other co-owners. The assessee argued that the reopening was unjustified, citing precedents from the ITAT and the Supreme Court. The CIT(A) quashed the reopening, following the decision of the ITAT in a similar case involving a co-owner. The CIT(A) highlighted discrepancies in the assessment process, including valuation issues and lack of cooperation with the DVO. The ITAT upheld the CIT(A)'s decision, stating that there was no legal basis for the reassessment. The ITAT emphasized the importance of tangible evidence and proper reasoning for reopening assessments under section 147/148 of the Act. The ITAT concluded that the Revenue's appeal lacked merit and dismissed it, affirming the quashing of the assessment order. The judgment emphasized the significance of legal precedents and adherence to procedural requirements in income tax assessments. This detailed analysis covers the issues involved in the legal judgment, providing a comprehensive understanding of the case and the reasoning behind the decision to quash the assessment order under section 147/148 of the Income Tax Act, 1961.
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