9911796707
TMI Blog2019 (4) TMI 1123X X X X Extracts X X X X X X X X Extracts X X X X ..... was filed way back in the year 2007, the Registry does not have record of admission of the appeal. The Appeal was therefore, placed before us for consideration. 2. We have heard learned counsel for the Revenue. Main question is with respect to the validity of the reassessment proceedings. Provided the Revenue crosses this hurdle, the question then to be decided is whether the sale of an immovabl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eal by observing thus:- 5. The respondent had filed his return of income for the year 199495. The respondent's assessment was taken up for scrutiny assessment. During the course of assessment, detailed letters were filed by the respondent giving complete details of the transactions relating to the purchase and sale of flats in a building known as 'Tanhee Heights' resulting in capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ound that, the entire issue of capital gains on which the re-opening notice was issued was the subject matter of consideration during the regular assessment proceedings under Section 143(3) of the Act. This is evident from the letters of the appellant disclosing all facts during the regular Assessment proceedings. Therefore, it held it to be a case of change of opinion on the part of the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eopening notice dated 15th May, 1998 has been issued on account of a recent decision of the Bombay High Court in Commissioner of Income-Tax V/s. Smt. Beena K. Jain, [1996] Vol.217 ITR 363 (rendered on 23rd November, 1993). Thus, it is submitted that the reopening notice is valid in law and the appeal deserves to be admitted. 10. We find that, both the CIT(A), as well as, the Tribunal have held t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r was ignorant of the decision rendered by this Court. Moreover, as the impugned order of the Tribunal itself records that the reasons recorded in support of the impugned notice was merely on the basis of borrowed satisfaction of the audit party. This also makes the impugned notice bad. 11. For the aforesaid reasons, Question-(a) as proposed does not give rise to any substantial question of law. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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