9911796707
TMI Blog2023 (5) TMI 279X X X X Extracts X X X X X X X X Extracts X X X X ..... on account of failure of assessee to disclose truly and fully all material facts that were necessary for computation of income but was a case wherein assessment was sought to be reopened on account of change of opinion of AO the reopening was not justified. In the present case, the Respondent No. 1 has relied upon the same information available from the assessment records there was no new tangible material available on record to conclude that income had escaped assessment. In our view it is clearly a change of opinion . Besides a perusal of the ITAT order dated 11th January 2022 evinces that the same contentions are rejected by the ITAT and have attained finality in favour of the Petitioner. AO ought to have considered the order pas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ilding no.19, A-Wing, Pinnacle corporate Pane, BKC, Bandra East, Mumbai-400051 for a consideration of Rs.14,00,00,000/- on 02.05.2014. The assessee claimed to have purchased commercial premises i.e., 101, 1st Floor, Dev Plaza, Andheri (W), Mumbai-58 for a total consideration of Rs.23,29,19,898/- on 31.03.2015. It was contended that since neither the WDV of the block of assets Building become Nil/Negative and there were some assets in the said block, hence, there were no capital gain arising u/s 45 of the act. However, it is noticed from the copy of agreement for sale dated 31.03.2015 for the purchase of office premises No. 101 at Dev Plaza that the agreement for sale was registered with the office of the Registrar only on 04.04.2015 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xed as Short-Term Capital Gain. 4. Basic of forming reason to believe and details of escapement of income- In view of the above specific information, I have reason to believe and am satisfied that amount of Rs. 4,65,87,479/- has escaped assessment in the hands of the assessee for A.Y. 2015-16. Therefore, assessment proceedings are required to be re-opened u/s 147 of the Income-tax Act, 1961 to bring the income escaping assessment to tax for the above said assessment year. 5. Applicability of the provisions of section 147/151 of the Fact of the case- The case of the assessee for A.Y. 2015-16 needs to be re-opened u/s 147 of the Income Tax Act, 1961 to bring to tax the escaped income. More than four years but not more than 6 years ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order in favour of the Petitioner. 5. The criteria for reopening of assessment after a period of four years are no longer res integra in view of the judgement of this Court in the case of Ananta Landmark P. Ltd v Dy. CIT wherein this Court held that where assessment was not sought to be reopened on the reasonable belief that income had escaped assessment on account of failure of assessee to disclose truly and fully all material facts that were necessary for computation of income but was a case wherein assessment was sought to be reopened on account of change of opinion of AO the reopening was not justified. It is also held that where primary facts necessary for assessment are fully and truly disclosed the AO is not entitled to reopen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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