2023 (5) TMI 1407 - HC - Income Tax

Reopening of assessment u/s 147 - allegation against the petitioner is that the petitioner has not disclosed the value of the property - HELD THAT - As per Section 144B(1) of the Income Tax Act the petitioner has every right for personal hearing by clicking the link. Petitioner has not availed the said opportunity. In the written submission the petitioner has not sought for any personal hearing. But the fact remains that the respondents have taken a wrong valuation for the property. In the assessment order there is no discussion of the two guideline values (one for Canal Street and another for Gandhi Nagar) but the assessment has taken only the guideline value of the Gandhi Nagar alone. This Court is of the considered opinion that the petitioner should be granted one more opportunity. Accordingly this Writ Petition is allowed. Impugned AO is hereby quashed. The respondents are directed to grant personal hearing by providing link to the petitioner and fixing the date and time. The petitioner is at liberty to produce records especially the guideline value provided by the concerned authorities.

Summary

The High Court of Madras allowed the writ petition challenging the assessment order for the assessment year 2015-2016 under Section 147 of the Income Tax Act. The court quashed the assessment order and directed the respondents to grant the petitioner a personal hearing to substantiate their case with the guideline value provided. The petitioner was granted one more opportunity to present their case.