Tribunal held that , sale executed and registered 12-1-2007 ,therefore escapement of capital gains in AY. 2007 -08. However reopening of assessment for the AY .2006 -07 As there is no nexus between material and the formation of prima facie belief that income had escaped taxation for the AY. 2006 -07 .Reassessment is held to be bad in law . ( AY. 2006 -07 , 2008-09)
Jagdish Narayan Sharma v ITO ( 2018) 65 ITR 194/ 194 TTJ 825/(2019) 174 DTR 25 (Jaipur) (Trib)
S.147: Reassessment – Capital gains on sale of land – Sale executed and registered 12-1-2007 – Escapement of capital gains in AY. 2007 -08 -Reopening of assessment for the AY .2006 -07- No nexus between material and the formation of prima facie belief that income had escaped taxation for the AY. 2006 -07 – Reassessment is held to be bad in law [ S.148 ]