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TMI Blog2022 (11) TMI 977X X X X Extracts X X X X X X X X Extracts X X X X ..... infirmity in the order of CIT(A) and hence, we confirm the order of CIT(A) quashing the reassessment. Appeal filed by the Revenue is dismissed. - ITA No. 14/CHNY/2021 - - - Dated:- 16-11-2022 - SHRI MAHAVIR SINGH , VICE PRESIDENTAND SHRI G. MANJUNATHA , ACCOUNTANT MEMBER Appellant by : Shri AR. V. Sreenivasan , Addl.CIT Respondent by : Shri S. Sridhar , Advocate Shri N. Arjunraj , CA ORDER PER MAHAVIR SINGH , VICE PRESIDENT : This appeal by the Revenue is arising out of order of the Commissioner of Income Tax (Appeals)-10, Chennai in ITA No.235/CIT(A)10/2019-20 dated 27.08.2020. The re-assessment was framed by the ACIT, Non-Corporate Circle 9(1), Chennai for the assessment year 2013-14 u/s.143(3) r.w.s. 147 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s are that the assessee filed its return of income for the assessment year 2013-14 originally on 30.09.2013, which was processed u/s.143(1) of the Act on 19.02.2015. Subsequently, the AO in view of audit objection reopened the assessment by issuing notice u/s.148 of the Act vide notice No.ITBA/AST/S/148/2018- 19/1015384877(1) dated 22.03.2019. The assessee filed its return of income in response to notice u/s.148 of the Act for relevant assessment year 2013-14 on 13.04.2019. The assessee filed objections against reopening of assessment vide letter dated 01.11.2019 which was disposed off by the AO and reassessment was framed by assessing net long term capital gain at Rs.1,81,67,335/- by making addition of long term capital gain at Rs.73,32,66 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e has only power to reassess and in this case as the reopening has been done merely based on change of opinion', the action of the A.O amounts to the power of review. In view of the above factual and legal position as well as various documentary evidence which are on record and also respectfully following the decisions of the Hon'ble Courts stated supra, I am in agreement with the appellant that the reopening of assessment beyond four years, based on audit objection, which was originally completed u/s 143(3) and when there is no failure on the part of the appellant to disclose truly and fully all material facts and in the absence of any fresh information, the notice u/s 148 issued is not valid. Therefore, in view of the settled lega ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urned/assessed :NIL/NIL 8. Date of assessment order :24.3.2016 9. Order under section :143(3) 10. Name of the CA : 11. Membership no. of the CA : 12. Report of the CA : 13. Audit Objection u/s : 14. Whether IAP seen : 15. Tax effect : The case was selected in CASS for scrutiny and the assessment was completed on acceptance of ROI. On a test-check of ITMR made available to the audit, it is seen that the assesse has sold a capital asset on 16.7.2012 for a sale consideration of Rs.25500000/- and shown capital gain of Rs.16757143. In this connection the following points are noted. i) The property sold was purchased by the assesse on 22.8.2005 vide registered sale deed no.995 of 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 148 of the Act, that there is any failure on the part of assessee to disclose fully and truly all material facts necessary for its assessment for relevant assessment year 2013-14. Even, it is noted that the assessee during the course of original assessment proceedings vide notice issued u/s.142(1) of the Act dated 23.10.2015, assessee has filed complete detail of long term capital gain and the relevant is given as under:- ANNEXURE - A 1) As per Schedule of Capital Gain fle with ITR of AY: 2013-14, Capital Gain is being shown as Rs. 1,67,57,143 -. In this regard, Please furnish the following details: a) Copy of sale deed and Purchase deed. b) Proof for improvements made, if any, and the cost there on. 2) Please fu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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