INCOME TAX OFFICER Vs. RAJIV AGGARWAL

JUDGEMENT

(1.) THIS appeal, preferred by the revenue, is directed against Commissioner (Appeals)'s order dated 30 -12 -2003 relating to assessment year 1996 -97.

(2.) REPRODUCED below are the ground of appeal raised by the revenue :

(3.) FACTS of the case, in brief, are that the assessment in this case was completed by the assessing officer under section 143(3) read with section 147 of the Income Tax Act. The said assessment was reopened on receipt of intimation from the DDI (Inv.) stating that the long -term capital gain declared by the assessed was false and that the transaction was not genuine and a cheque had been taken by the beneficiary, i.e., the assessed by paying cash amount equivalent to the cheque amount and the premium thereon. The assessing officer recorded reasons and issued notice under section 148 of the Act. The assessed filed return in response to the notice declaring the same income as declared in the original return. During the course of reassessment proceedings the assessed submitted his reply and furnished various evidences in support of his claim of long -term capital gain. However, the assessing officer held that the assessed had failed to lead evidences to support the claim of long -term capital gain. The reasons for reaching such conclusion by the assessing officer are as under :