ACIT, NCR BUILDING, JAIPUR vs. HANS RAJ AGARWAL, VIDHYADHAR NAGAR JAIPUR

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ITA 1253/JPR/2024Status: DisposedITAT Jaipur12 March 2025AY 2016-17Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the reassessment proceedings were initiated based on a change of opinion, as the Assessing Officer had already examined the same transactions and details during the original assessment. Therefore, the reopening under Section 147 was not valid.

What were the facts?

The Revenue initiated reassessment proceedings under Section 147 against the assessee for AY 2016-17, alleging the assessee had benefited from bogus long-term capital gains on shares of M/s Yamini Investment Company Ltd. The Assessing Officer made additions based on investigation findings. The CIT(A) allowed the assessee's appeal, quashing the assessment order.

What were the issues?

Whether reassessment proceedings under Section 147 are valid when initiated based on a change of opinion and the same material was considered during the original assessment.

Which sections of the Income-tax Act were involved?

Section 147,Section 143(3),Section 144B

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(5)Show list

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”A” JAIPUR

Before: SHRI GAGAN GOYAL, AM & SHRI NARINDER KUMAR, JM

Hearing: 11/03/2025Pronounced: 12/03/2025

Result

39.

In view of the above discussion and findings, memorandum of cross objections No 1/JP/2025 filed by the assessee is allowed.

1.

CO No. 1/JPR/2025 Hans Raj Agarwal The appeal- filed by department is hereby dismissed. 40. Copy of common order be placed in the connected file of cross- objections No.1/JP/2025 for record. Files be consigned to the record room after the needful is done by the office. Order pronounced in the open court on 12/03/2025.

1.

Sd/- Sd/- ¼xxu xks;y½ ¼ujsUnz dqekj½ (GAGAN GOYAL) (NARINDER KUMAR) ys[kk lnL; @Accountant Member U;kf;d lnL;@Judicial Member Tk;iqj@Jaipur fnukad@Dated:- 12/03/2025 *Santosh आदेश की प्रतिलिपिअग्रेf’ात@ब्वचल वf जीम वतकमत वितूंतकमक जवरू The Appellant- ACIT, NCR Building, Jaipur. 1. 2. izR;FkhZ@ The Respondent- Hans Raj Agarwal, Jaipur. 3. vk;djvk;qDr@ The ld CIT 4. विभागीय प्रतिनिधि] आयकरअपीलीय अधिकरण] जयपुर@क्त्ए प्ज्Aज्ए Jंपचनत 5. xkMZQkbZy@ Guard File CO No. 1/JPR/2025) vkns'kkuqlkj@ By order,

सहायक पंजीकार@Aेेजज. त्महपेजतंत

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