2018 (2) TMI 1732 - SCH - Income Tax

Reopening of assessment - undisclosed income on sale of land - one sauda chittihi seized during the search of the premises of one Shri Rajesh Vaghani - year of assessment - Held that - SLP dismissed - HC order confirmed. 2017 (3) TMI 734 - GUJARAT HIGH COURT HC has held it is required to be noted that as such the sauda chittihi upon which the reliance has been placed the assessee is not the signatory. Even the concerned persons who signed and / or executed the said sauda chittihi were not even the owners of the land in question. It has also come on record that even the said sauda chittihi was not acted upon. Even thereafter the assessee has sold the property to one Shri Popatbhai Kakadia who is also not signatory to sauda chittihi . There does not appear to be any other tangible material available with the AO to even prima facie show that the assessee had received any on money in cash and / or sale consideration -assessment for AY 2009-10 is sought to be reopened on the ground that income chargeable to tax has escaped assessment in 2009-10. When it was pointed out to AO that the transfer had taken place on 27.03.2008 and therefore it can be said that the income has arisen in the year 2008-09 and therefore there cannot be any escapement of income in the year 2009-10. - Decided in favour of assessee

Summary

The Supreme Court dismissed the special leave petition after condoning the delay. Pending applications, if any, will be disposed of. (2018 (2) TMI 1732 - SC)