2017 (4) TMI 1349

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..... ty has been sold by the assessee, where the property was situated and whether the assessee was the owner or co-owner of the said property. Even date of the sale and the consideration received by the assessee has not been mentioned. The Assessing Officer must have received copy of the sale deed or the information from the office of the Sub Registrar and on that basis he must have recorded the reaso .....

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..... ther the proceedings initiated under section 147/148 of the Income-tax Act, 1961 are valid or not. 4. The ld. A.R. of the assessee drawn my attention towards the reasons recorded, which is available at page 14 of the paper book and on that basis vehemently contended that the reasons recorded by the Assessing Officer are vague and does not speak of prima facie satisfaction on the part of the Asses .....

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..... s sold a property for ₹ 21462000/- (value as per provisions of section 50C of Income-tax Act, 1961. The assessee has not filed the income tax return and ii have, therefore, reason to believe that capital chargeable to tax on sale of above property has escaped assessment for assessment year 2010-11." 7. From the said reasons, it is apparent that the Assessing Officer has not brought on recor .....

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