Assessee sold a property in 2012-13.\u00a0 Assessee filed its return of income for assessment year 2013-14 and claimed that though property was sold in financial year 2012-13, but purchaser made payment in financial year 2013-14, therefore, no capital gain arose during assessment year 2013-14 and same arose in assessment year 2014-15.\u00a0 Claim of assessee was accepted and an assessment order was passed. After four years, Assessing Officer issued reopening notice on grounds that assessee sold a property in financial year 2012-13 and as per sale deed an amount towards full and final sale consideration was paid to assessee within 16 days i.e. within financial year 2012-13 and, therefore, capital gain was to be considered for assessment year 2013-14 and not 2014-15 as claimed by assessee. On writ the Court held that there was no new tangible material available with Assessing Officer to form a belief that there was escapement of income chargeable to tax. Accordingly notice for reassessment was quashed. (AY. 2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-After the expiry of four years-Capital gains-Year of taxability-No new material\u2013Reassessment is held to be not valid. [S. 45, 148]<\/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":[1],"tags":[],"class_list":["post-8277","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-29v","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8277","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=8277"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8277\/revisions"}],"predecessor-version":[{"id":8278,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8277\/revisions\/8278"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=8277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=8277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=8277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}