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TMI Blog2021 (2) TMI 885X X X X Extracts X X X X X X X X Extracts X X X X ..... le deed no.1763. It is dated 14.3.2008) vide sale deed no.1763, however, no capital gain has been shown in the return of income. When all the information and details were furnished by the assessee with regard to the information called for by the AO, the then AO satisfied that such information were tallied AIR information. If there is any capital gain arose in such sale transaction, the AO ought to have discussed and weighed such factor in the original assessment order itself. He did not do so, rather accepted the contentions and details submitted by the assessee and framed assessment under section 143(3). There is nothing to suggest that all the primary facts were not disclosed by the assessee at the time of original assessment completed u/s 143(3) of the Act nor any failure on the part of the assessee to disclose fully and truly all the material facts relevant to the assessment, which would otherwise liable to be reopened. When the AO itself stated in the original assessment that details called for by the AO in respect of AIR information are tallied, there is no room for the AO to find a reason for reopening of the assessment. In fact the assessee has not suppressed any f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecide the appeal. 3. Originally, the assessee has taken seven grounds of appeal, and thereafter he has filed additional grounds of appeal, whereby he took two more grounds. The grounds taken by the assessee are argumentative and descriptive in nature. In brief, the grievance of the assessee revolves around two isssues viz. if reopening of the assessment is valid, then what should be the quantum of long term capital gain requires to be assessed in the hands of the assessee ? 4. Brief facts of the case are that the assessee has filed his return of income on 30.7.2008 declaring total income at ₹ 33,11,954/-. This return was selected for scrutiny assessment, and an assessment order under section 143(3) was passed on 30.9.2010. A copy of the original assessment has been placed on record at page no.13 to 15 of the paper book. Thereafter, this assessment was reopened by issuance of a notice under section 148 of the Act. This notice had been issued on 30.3.2015 after expiry of four years from the end of the assessment year i.e. Asstt.Year 2008-09. The reason recorded by the AO for reopening of the assessment has been placed on page no.29 of the paper book, and they read as unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee files his return of income in response to such notice, the AO shall supply the reasons recorded fey him for issuing such notice within 30 days of the filing of the return by the assessee without waiting for the assessee to demand such reasons. (ii) Once the assessee receives such reasons, he would be expected to raise his objections, if he so desires, within 60 days of receipt of such reasons. (iii) If objection are received by the AO from the assessee within the time permitted hereinabove, the AO would dispose of the objections, as far as possible, within four months of date of receipt of the objections filed by the assessee (iv) This is being done in order to ensure that sufficient time is available with the AO to frame the assessment after carrying out proper scrutiny. The requirement and the time-frame for supplying the reasons without being demanded by the assessee would be applicable only if the assessee filed his return of income within the period permitted in the notice for reopening. Likewise the time frame for the AO to dispose of the objections would apply only if the assessee raises objections within the time provided hereinabove. This, however, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee has filed civil suit bearing no.283 of 2016 before the Civil Judge, Sr.Division at Mirzapur, Ahmedabad for cancellation of the sale deed made earlier. The assessee applied to the sub-Registrar for cancellation of the sale deed. With the above background, we have to examine certain other facts. 7. The Annual Information report wing of the Department collected information of the sale deed and informed the AO. On 5.2.2010 the AO has confronted the assessee this AIR information, and copy of this narration is available on page no.10 of the paper book. The relevant part reads as under: Txn Type : H-AIR Txn. Code : 007 Txn Description : SOLD IMMOVBALE PROPERTY VALUED AT ₹ 3000000 OR MORE S.No. Txn date filer Name Txn Filer Name Txn Mode Txn Amount Joint Flag Joint Count 1. 14-MAR-08 SUB REGISTRAR OFFICE SANAND SUB REGISTRAR 1 MAMLATDAR OFFICE, SANAND 382110 GOVT OF GUJ REVENUE MAMLATDAR OFFICE, SANAND 382 110 CHEQUE 7138845 Single ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee or re-assess such income. The fundamental requirement for reopening is that there could be some information to the AO which has nexus in forming a belief that income has escaped the assessment. In the case on hand, firstly, in the reason recorded by the ld.AO, and extracted (supra), we find factual inaccuracy. In the original assessment framed under section 143(3) of the Act by the then Assessing Office categorically stated that assessee s representative submitted details, as called for and the same are tallied with the AIR information, whereas in the reason for reopening of the assessment dated 14.08.2015 simply stated that as per the information gathered, the assessee has sold the land of Block No.212 of Shela village for the consideration of ₹ 71,38,845/- on 14.3.2014 (This is a typographical error in the reason. The correct date is 14.3.2008. We have verified it from sale deed no.1763. It is dated 14.3.2008) vide sale deed no.1763, however, no capital gain has been shown in the return of income. It is pertinent to note here that when all the information and details were furnished by the assessee with regard to the information called for by the AO, the then AO sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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