Sec. 54 & 148 of the Income-tax Act, 1961 - Capital gain - By the impugned communication dated 10-11-2016, the respondent has overruled the objection of the petitioner against invocation of machinery prescribed for reopening of the assessment under section 148 read with Section 147 of the Act,1961. While conducting proceedings, an Assessing Officer is bound by the proviso to Section 147 of the Income-tax Act, 1961. Therefore, while exercising the powers vested with an officer at the time of re-assessment under section 147 of the Act, 1961 pursuant to issue notice under section 148 of the Act,1961, the officer concerned has to not only keep in mind the express language of the proviso to Section 147 of the Act,1961 but also well settled principles of law. Thus, the proposal to re-determine the taxable income and the tax payable by the petitioner for the reasons stated in the impugned communication is unsustainable. The respondent cannot have a re-look into the issue arising out of the claim of the petitioner for Long-Term Capital Gains which was allowed in the assessment order passed on 29-10-2011 as there was true and full disclosure of all material required for assessment by the petitioner for claiming deduction. - B. KASI VISWANATHAN V/s ITO - [2020] 425 ITR 538 (MAD)