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TMI Blog2024 (1) TMI 353X X X X Extracts X X X X X X X X Extracts X X X X ..... mation received from the ITD system under the NMS module, which constitutes tangible material u/s 147 of the Act. Accordingly, reassessment proceedings initiated u/s 147 and issuance of notice u/s 148 of the Act are upheld. As a result, ground no. 1 raised in assessee s appeal is dismissed. However, at the same time, it is also evident from the reasons recorded by the AO while reopening the assessment, that the assessee purchased immovable property valued at Rs. 1,46,88,500 and sold immovable property at Rs. 1,27,00,000, during the year under consideration. Thus, when such are the facts, we are of the considered view that the AO was also required to grant the benefit of section 54 of the Act to the assessee while computing the income und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ls), Income Tax Department, NFAC, Delhi, [CIT(A)] has erred on the facts and circumstances of the case and in law in upholding the notice u/s 148 in order. Therefore, the order should be set aside. 2. On the facts and circumstances of the case and in law, the learned CIT(A) erred in confirming the addition of Rs. 72,83,143/- being LTCG on sale of flat and the said addition should be deleted. 3. Without prejudice to above, the Appellant hereby advances a claim of exemption u/s 54 of the Act for the LTCG on sale of flat Rs. 72,83,143/- reinvested in the new flat as per the provisions of the law. The Appellant prays to allow the said claim. 4. The above grounds of appeal are without prejudice to one another and the appellant cra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd thus fulfilled the provisions of section 54 of the Act. It was further submitted that due to oversight the same was not reflected in his return of income. The AO vide order dated 28/12/2018 passed under section 143(3) read with section 147 of the Act held that the assessee was bound to declare capital gain on the sale of property and claim of exemption is a secondary part. It was further held that the assessee did not declare the transaction of sale and purchase of property by computing capital gain in his return of income and the Revenue cannot allow exemption suo moto unless the same was claimed by the assessee. Accordingly, the AO added the long-term capital gains of Rs. 72,83,143 to the total income of the assessee as the assessee fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act and proceeded to made an addition of Rs. 72,83,143 being long term capital gains to the total income of the assessee. 6. In the present case, it is undisputed that the sale of immovable property and subsequent purchase of immovable property were not disclosed by the assessee in his original return of income physically filed on 03/11/2011. Therefore, we are of the considered view that the reassessment proceedings were validly initiated by the AO under section 147 of the Act on the basis of information received from the ITD system under the NMS module, which constitutes tangible material under section 147 of the Act. Accordingly, reassessment proceedings initiated under section 147 and issuance of notice under section 148 of the Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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