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TMI Blog2017 (4) TMI 1151X X X X Extracts X X X X X X X X Extracts X X X X ..... claring loss at Rs. 48,953/-. The said return was processed under section 143(1) of the Act accepting the returned loss. 2.01. That thereafter assessment for A.Y. 2014-15 is sought to be reopened by the impugned notice on the ground that the income chargeable to tax for A.Y. 2014-15 has escaped assessment within the meaning of section 147 of the Income Tax Act. 2.02. That at the request of the assessee A.O. has furnished / provided reasons recorded to reopen the assessment, which reads as under :- "The case of Shri Bhavin M. Patel for A.Y. 2014-15 is selected for scrutiny for the reason of large investment in property as compared to total income in the category of limited scrutiny. Sale deed of non-agriculture land bearing Block / Surve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n property, I have reasons to believe that income to the extent of Rs. 2,64,88,300/- has escaped assessment to that extent for A.Y. 2014-15, within the meaning of section 147 of the Act. Hence in my opinion this is a fit case for reopening of assessment u/s. 147 of the I.T. Act, 1961." 2.03. That the petitioner submitted objections to the reasons recorded to reopen the assessment vide letter dated 6/2/2017. It was submitted that during the year under consideration the assessee had received booking advance in cash towards booking of bungalow in the proposed residential scheme, for which a Banakhat for each and every such booking was executed with the respective party. It was submitted that out of such booking advance received in cash by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pvt. Ltd. and (2) Chehar Reality Pvt. Ltd. and the fund of Rs. 2,64,88,300/- being ½ share of Rs. 5,29,76,600/- for the purpose of the said property has been made by Chehar Reality Pvt. Ltd, which is confirmed by Chehar Reality Pvt. Ltd. 3.04. Mr.Talsania, learned advocate appearing on behalf of the petitioner has further submitted that reference to the assessment proceedings of Mr.Bhavesh Patel and statement of Mr.Bhavesh Patel recorded on 25/10/2016 do not suggest or indicate that by purchasing the land or making the payment, income chargeable to tax has escaped assessment for the A.Y. 2014-15. 3.05. Mr.Talsania, learned advocate appearing on behalf of the petitioner has further submitted that the assessment has been reopened for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the returned filed by one Mr.Bhavin Patel for A.Y. 2014-15 and the statement of said Mr.Bhavin Patel, from whom the petitioner assessee and one another co-owner has purchased the property in cash total amounting to Rs. 5,29,76,600/- and considering the fact that in the earlier assessment years, the assessee had shown cash on hand a very meager amount i.e. the assessee had shown cash in hand in return of income for A.Y. 2012-13 Rs. 0/- and therefore, the A.O. had noted that the Company had no cash balance in the last year for the purchase of property in cash as well as the Company cannot take unsecured loan or advance from customer in cash. Therefore, the A.O. has reopened the assessment for A.Y. 2014-15 in which the petitioner has purchas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hyambhai Thakkar (supra) are concerned, in light of the observations made hereinabove, more particularly when it has been found that there was tangible material with the A.O. to prima facie come to the conclusion that the income chargeable to tax has escaped assessment within the meaning of section 147 of the Act, and there are valid reasons for the A.O. to reopen the assessment, more particularly, when the original assessment was processed under section 143(1) of the Act, the aforesaid decisions shall not be applicable to the facts of the case on hand and/or the same shall not be of any assistance to the petitioner assessee. 5.00. In view of the above and for the reasons stated above, present petition fails and the same deserves to be dis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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