Assessing Officer has no power to review & has power to re-assess

ACIT Vs Smt. Rajeswari Kumar (ITAT Chennai) Admittedly, the assessment year involved is 2012-13 and during the course of original assessment proceedings, the AO in his original assessment order passed u/s.143(3) dated 27.03.2015 noted the fact of taxability of builders portion of land and the AO has gone into the factum of builders portion of land while taxing long term capital gain of this transaction. Revenue now could not controvert during the course of hearing that as to how the AO has formed his opinion not to tax the builders portion of land because the AO has gone into the details and r...