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4.4. The Assessing Officer had also issued show-

cause notice dated 13.11.2017 during the course of assessment proceedings for the Assessment Year 2015-16 proposing withdrawal of the claim made by the petitioner under Section 54F of the Act, alleging that the condition to avail the exemption under Section 54F of the Act was not fulfilled by the petitioner as the Assessing Officer was of the opinion that the petitioner had purchased open plots instead of residential NEUTRAL CITATION C/SCA/12620/2021 JUDGMENT DATED: 23/02/2024 undefined houses as prescribed under Section 54F of the Act.

5.2. It was also submitted that by show-cause notice dated 13.11.2017, the details were called for with a proposal to reject claim under Section 54F of the Act on the ground that the petitioner did not purchase residential house but purchased two opened NEUTRAL CITATION C/SCA/12620/2021 JUDGMENT DATED: 23/02/2024 undefined non-agricultural plots and addition under Section 56(2)(vii)(b) of the Act was also proposed being difference between the purchase consideration paid and the stamp valuation of the property purchased. 5.3. It was submitted that however, after consideration of the reply of the petitioner, the Assessing Officer dropped the show-cause notices with regard to deduction under Section 54F of the Act by allowing the claim of deduction made by the petitioner but made addition of Rs.30,56,000/- under Section 56(2)(vii)(b) of the Act. It was therefore submitted that the issue of deduction under Section 54F of the Act is thoroughly scrutinized twice, once, during the course of assessment proceedings for the Assessment Year 2013-14 and thereafter during the course for Assessment Year 2015-16.

6. Per Contra, learned Senior Standing Counsel Mr. Nikunt Raval appearing for the NEUTRAL CITATION C/SCA/12620/2021 JUDGMENT DATED: 23/02/2024 undefined respondents submitted that the Assessing Officer has rightly exercised the jurisdiction to issue the notice under Section 148 of the Act as no separate valuation is mentioned in the sale deed for small house purchased by the petitioner along with the open plots and the same was not considered by the Assessing Officer while passing the Assessment Order for Assessment Year 2015-16 and in view of the provision of Section 54F(4) of the Act, such purchase of open plots amounting to Rs.3,57,85,296/- as claimed by the assessee with small construction of residential house would not be considered for deduction under Section 54F of the Act. It was submitted that the period of three years in the present case expires on 30.01.2016 for claiming the deduction under Section 54F of the Act and therefore the Assessing Officer has assumed the jurisdiction for forming an opinion that the NEUTRAL CITATION C/SCA/12620/2021 JUDGMENT DATED: 23/02/2024 undefined amount of capital gains which was not utilized by the assessee as per section 54F(4) of the Act but was deposited in capital gains deposit scheme shall be charged to the capital gains in Assessment Year 2016-

9. Considering the submissions made by the learned advocates for the respective parties and on perusal of the documents placed on record, it is apparent that the impugned notice under Section 148 is issued by the Assessing Officer on mere change of opinion because during the regular assessment proceedings for Assessment Year 2013-14, when the petitioner claimed the exemption under Section 54F of the Act on sale of the shares NEUTRAL CITATION C/SCA/12620/2021 JUDGMENT DATED: 23/02/2024 undefined of Paras Inn Pvt. Ltd. by depositing the amount in capital gain deposit scheme, the same was scrutinized and no addition was made and such allowance was accepted. During the regular assessment proceedings for the Assessment Year 2015-16, purchase two plots with residential house by the petitioner was also thoroughly scrutinized and no addition was made by the Assessing Officer disallowing the deduction under Section 54F of the Act. Therefore, when the petitioner claimed the exemption under Section 54F of the Act and has utilized amount deposited in capital gain deposit scheme by purchasing the property within the period of two years, no addition was made. The Assessing Officer on the same material by recording the reasons that the petitioner is not entitled to deduction under Section 54F as per Sub-section 4 of Section 54F is nothing but a mere change of opinion.