Reassessment—Income escaping assessment -Since the sale consideration has been accepted by the Department itself in the case of the purchaser no case is made out in initiating proceedings under section 147 of the Act in the case of the seller of the property. This amounts to approbation and reprobation, which is not permissible under the law. The Department cannot blow hot and cold in the same breath, accepting the position in the case of the purchaser, while calling it in question in the case of the seller, i.e., the assessee. Holding it to be a mere change of opinion, the initiation of proceedings under section 147 of the Act in the case of the assessee is held to be null and void. Accordingly, the initiation of proceedings under section 147 of the Act, and everything pursuant to such initiation, culminating in the order under appeal, are quashed.
Reassessment—Income escaping assessment -Since the sale consideration has been accepted by the Department itself in the case of the purchaser no case is made out in initiating proceedings under section 147 of the Act in the case of the seller of…
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