9911796707
TMI Blog2017 (7) TMI 462X X X X Extracts X X X X X X X X Extracts X X X X ..... ed reasons for issuing the notice which reads as under: "Return of income for A.Y. 2012-13 is not filed by the assessee. During the course of assessment proceeding of A.Y. 2012-13 of one of the copartner Shri MaheshKumar Ishwarlal Bhojani, it is found that the assessee too have received sale consideration of Rs. 1,68,90,617/from the sale of immovable property. The assessee has sold residential property inclusive of N.A. Plot of land admeasuring 1188.12 sq.mtr. And building constructed thereon admeasuring 329.85 sq.mtr. Situated at SubPlot No.14, F.P. No.39/1, 39/3 and 43, T.P. No.214, Survey No.476/1, 476/2, 477, 478/1, 479, 481, 482/2, 480/1, 482/1 in joint ownership. On verification of the sale deed, it is further seen that the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her than what was indicated in the sale deed. 3. From the reasons recorded, it further emerges that in case of Mahesh Ishwarlal Bhojani, coowner of the same property for the assessment year 2012-13, the sale value of the property was assessed at Rs. 3.37 crores (rounded off). According to the Assessing Officer, in the reasons recorded therefore the petitioner's share of such sale consideration comes to Rs. 1.68 crores (rounded off). He was therefore of the opinion that income of Rs. 1.68 crores chargeable to tax had escaped assessment in case of the petitioner. 4. As noted, in the present case, the petitioner had not filed the return of income at all. The question of assessing the petitioner's income therefore does not arise. Ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer has tangible material at his command to form a bonafide belief that income chargeable to tax has escaped assessment, the Court would not interfere with the formation of such belief unless it is shown to be wholly perverse. The primary facts which we have noticed are that even as per the assessee, the property in question was sold for a consideration of Rs. 2.37 crores and the assessee would receive 50% share out of such sale proceed. The other connected fact is that adopting valuation for the purpose of stamp duty upon presentation of the document for registration, in case of coowner, the assessing authority has assessed the sale consideration for the purpose of capital gain to Rs. 3.37 crores. 7. Considering such facts, we do not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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