Assessee had purchased agricultural land from three brothers and later on sold same to company DSS\u00a0 Mega City Projects.\u00a0 As land being\u00a0 agricultural land and not a capital asset, it was not eligible to tax and no income was taxable which was verified by ITO Intelligence in its verification report. Assessing Officer had passed an assessment order under section 143(3) without making any additions.\u00a0 for undisclosed. Later on reassessment notice was issued upon assessee on ground that source and genuineness of investment made as well as short term capital gain (STCG) received by assessee remained unexplained and, therefore, income to extent of Rs. 19.34 crores had escaped assessment. Accordingly, he had passed an order under section 144 read with section 147 making addition of Rs. 19.34 crores. On writ\u00a0 the Court held that\u00a0 since no document was produced by respondents to show that they had any new information or documentary evidence for reopening of case, ITO could not be allowed to merely reopen assessments already finalized based on his opinion that earlier assessment was wrongful or that he had a reason to suspect that assessment was done wrongfully. Even otherwise, since land was agricultural and situated beyond municipal limits, same did not come within ambit of section 2(14)(iii)(a), no capital gain was liable to be taxed. (AY. 2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.147: Reassessment-After the expiry of four years-Capital asset \u2013Agricultural land-Agricultural and situated beyond municipal limits, same did not come within ambit of section 2(14)(iii)(a)-No capital gain is liable to be taxed.[S. 2(14)(iii)(a), 45, 143(3), 144, 148, Art. 226]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-50829","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-ddP","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=50829"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50829\/revisions"}],"predecessor-version":[{"id":50830,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50829\/revisions\/50830"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=50829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=50829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=50829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}