9911796707
TMI Blog2019 (1) TMI 1279X X X X Extracts X X X X X X X X Extracts X X X X ..... mpleted under Section 143(3) of the Act, where all material facts were disclosed would made the notice bad, in view of the proviso to Section 147 of the Act. There has been complete disclosure of material facts truly and fully as is evident from the fact that the Assessing Officer does not rely on fresh material in the reasons recorded in the impugned notice to reopen the Assessment. - decided in favour of assessee. - WRIT PETITION NO. 3465 OF 2018 - - - Dated:- 18-1-2019 - AKIL KURESHI M.S. SANKLECHA, JJ. Mr. Mandar Vaidya, for the Petitioner. Mr. Sham Walve, for the Respondents. P.C: At the request of the parties, this Petition is taken up for final disposal a this stage. 2. This Petition under Article 226 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... During the year under consideration, the assessee has received income from House Property, LTCG on sale of house property and interest income. Subsequently, the case is selected in CASS and the assessment u/s 143(3) of the Act was completed on 26.02.2014 determining income of ₹ 19,63,190/. 2. Further, on verification of the record, it is observed that during the F.Y. 2010-11, the assessee has sold a property viz. Block No.62/C, Kurla Kamgar CHS Ltd., Kamgar Nagar, Kurla (East), Mumbai 400 024 for ₹ 90,00,000/on 09.09.2010. The said property was purchased by the assessee on 26.02.1991 for consideration of ₹ 5,71,210/. On going through the computation of LTCG it was noticed that the assessee has claimed ₹ 10 lac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on that reasons to believe that income has escaped assessment for the year under consideration have been recorded above. I have carefully considered the assessment records containing the submissions made by the assessee in response to various notices issued during the assessment proceedings and have noted that the assessee has not fully and truly disclosed the following material facts necessary for his assessment for the year under consideration. 5. It is evident from the above facts that the assessee had not truly and fully disclosed material facts necessary for his assessment for the year under consideration thereby necessitating reopening u/s. 147 of the Act. 6. It is true that the assessee has filed a copy of Sale agreement of pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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