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TMI Blog2006 (1) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... it petition has been filed claiming the following reliefs : (a) issue a suitable writ, order or direction in the nature of writ of certiorari, calling for the records and quashing the impugned notice dated March 28, 2005 (annexure IV to the writ petition), issued by the respondent. (b) issue a writ, order or direction in the nature of prohibition restraining the respondent from proceedings any further action with the reassessment of the income of petitioner in response to the notice dated March 28, 2005 (annexure IV to the writ petition), for the assessment year 1998-99. (c) issue any other writ, order or direction as this hon'ble court may deem fit and proper in the petition against the respondents. (d) award the costs of the petition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dditional Commissioner of Income-tax-1, Agra, has recorded the following reasons for reopening the assessment Reason to believe Shri Shyarn Bansal, 1-2, State Bank Colony, Bhadawar House, Agra. Assessment year 1998-99 "As per enquiries made by the D.I. (Investigation) Wing, Unit Agra, the assessee has taken fictitious entry of long-term gain as per details given below :— Sl. No. Name of broker Bank a/c of broker Name & address of the beneficiary Beneficiary bank & a/c No. Amount D.D. No. Date of D.D. Date of clearing Nature of entry 1. Ashok Gupta & Co., Delhi Bank of India, Asaf Ali Road, Delhi Shri Shyam Bansal, 1-2, State Bank Colony, Bhadawar House, Agra Canara Bank, MG. Road, Agra CCA - 1/94 6,16,400 20-11-97 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bhadawar House, Agra Canara Bank, MG. Road, Agra CCA - 1/94 3,58,748 16-3-98 23-3-98 Long- term capital gain 9. Ashok Gupta & Co., Delhi Bank of India, Asaf Ali Road, Delhi Shri Shyam Bansal, 1-2, State Bank Colony, Bhadawar House, Agra Canara Bank, MG. Road, Agra CCA - 1/94 3,49,388 18-3-98 23-3-98 Long- term capital gain 10. Ashok Gupta & Co., Delhi Bank of India, Asaf Ali Road, Delhi Shri Shyam Bansal, 1-2, State Bank Colony, Bhadawar House, Agra Canara Bank, MG. Road, Agra CCA - 1/94 2,99,476 20-3-98 24-3-98 Long- term capital gain 11. Ashok Gupta & Co., Delhi Bank of India, Asaf Ali Road, Delhi Shri Shyam Bansal, 1-2, State Bank Colony, Bhadawar House, Agra Canara Bank, MG. Road, Agra CCA - 1/94 4,99,127 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Income-tax Act, 1961." 5 Challenging the validity legality and jurisdiction of the Assessing Officer to initiate reassessment Proceedings, the present writ petition has been filed. Shri Ravi Kant, senior advocate, strenuously submitted that there is absolutely no material in Possession of the Assessing Officer to form a belief that income has escaped assessment and to initiate the reassessment Proceedings under section 148 of the Act. He has placed reliance upon an unreported judgment of this court in Das Friends Builders P. Ltd. v. Dy. CIT Writ Petition No. 874 of 1999 decided on August 9, 200 reported in [2006] 280 ITR 77. Elaborating the argument it was submitted by the learned counsel for the petitioner that all the facts were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a writ petition against a notice issued under section 148 of the Act when it is of the opinion that there is no material in possession of the assessing authority on which reasonably an opinion can be formed that the income has escaped assessment. Keeping this principle of law in mind, we have considered the submissions of learned senior counsel for the petitioner and find that although the assessment of the petitioner was completed under section 143(3) of the Act. But there is no discussion in the assessment order about the income earned by the assessee from the sale of shares by way of long-term capital gains. The entire assessment order is confined to the question relating to investment in the construction of house. 9 Explanation 2 to se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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