9911796707
TMI Blog2017 (3) TMI 897X X X X Extracts X X X X X X X X Extracts X X X X ..... der dated 09.11.2016 by the Assessing Officer holding that it was not appropriately disclosed in the return of income filed by the petitioner in its avatar as a firm. However, we find this very issue was subject of inquiry during the regular assessment proceedings and the Assessing Officer was satisfied that the land admeasuring 61,506 sq. mtrs. is a capital asset in the hands of the petitioner while passing an assessment order dated 31.3.2011 for the subject assessment year under Section 143(3) of the Act. Thus prima facie the aforesaid ground would not justify the impugned notice as it is a case of change of opinion. In any case, prima facie there is no failure to disclose fully and truly all material facts necessary for assessment. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate of transfer as 4.10.2008. Thus prima facie the reopening notice being beyond a period of four years for the end of the relevant assessment year is hit by the proviso to Section 147 of the Act. - Decided in favour of assessee - Writ Petition No. 3019 of 2016 - - - Dated:- 8-3-2017 - M. S. Sanklecha And A. K. Menon, JJ. Mr. J. D. Mistri, Senior Advocate, a/w Ms. Krupa Toprani i/b. M/s. PRH Juris Consults for the Petitioner Mr. Suresh Kumar i/b. Ms. Padma Divakar for the Respondent ORDER P. C. 1. Heard. Rule. 2. Respondent no.2 waives service. 3. This petition challenges the notice dated 30.3.2016 under Section 148 of the Income Tax Act, 1961 (the Act) seeking to reopen the assessment for A.Y. 2009-10. The r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... round for reopening is concerned, the petitioner in its objections placed reliance upon its letter dated 30.3.2011 addressed to the Assessing Officer during the regular assessment proceedings, wherein it was pointed out that the petitioner in its earlier avatar as a partnership firm had converted a part of its stock in trade i.e. 61,506 sq. mtrs. of land as a capital asset. Thus on conversion from a firm to a company, the petitioner continued to hold the same as capital asset. Without prejudice to the above, the petitioner also pointed out that there is no bar in a company even when converted from a firm to a company under the Companies Act to convert its stock in trade into its capital assets. The above objection was disposed of by an orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s as 4.10.2008 is clearly a mistake committed by M/s. SVI Realtors (P) Ltd. while filing its annual return in respect of Annual General Meeting held on 24.7.2009 i.e. in the next year. 7. In particular, we note that the share transfer forms were presented on 4.4.2008 and the evidence of stamp duty paid in respect of three of the forms is dated 10.4.2008 and in one it is indicated as 15.4.2008. Thus transfer of shares in M/s. SVI Realtors Private Ltd in favour of the petitioner was subject of inquiry during the regular assessment proceedings as is evident from the petitioner's letter dated 30.3.2011 filed during the Assessment proceeding leading to order dated 31.3.2011 under Section 143(3) of the Act. 8. During the course of the h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... understanding of facts leading to issuing notice for re-opening. 10. In this case, prima facie, we are of the view that the Assessing Officer proceeded on an erroneous fact i.e. by placing reliance upon the Annual return filed by M/s. SVI Realtors (P) Ltd. in respect of the Annual General Meeting held on 24.7.2009. This while ignoring the share transfer forms which indicated that the transfer of shares took place in April, 2008 coupled with choosing to ignore the annual report filed by M/s. SVI Realtors (P) Ltd. with the the Registrar of Companies, Ministry of Corporate affairs and available on its website in respect of the earlier year in respect of the Annual General Meeting held on 26.4.2008. 11. Further, prima facie we are of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
