Reopening of assessment based on mistaken factual premise is unsustainable

Kunwar Ayub Ali Vs ITO (ITAT Delhi) ITAT Delhi held that reopening of assessment under section 147 of the Income Tax Act based on mistaken factual premise is unsustainable in law. Facts- During the year, the assessee sold agricultural land with constructed area for actual consideration of Rs.24,69,000/-which represents 1/4th of total consideration of Rs.98,76,000/- where 3/4th share belongs to one Shri Mashroof Ali. AO reopened the assessment by issuing notice u/s. 148 of the Act dated 26.03.2014 alleging escapement of income with the allegation that the assessee sold residential/ agricultural...