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TMI Blog2019 (9) TMI 198X X X X Extracts X X X X X X X X Extracts X X X X ..... claim of the Petitioner. It is on the basis of tangible information now received that the impugned reopening notice has been issued, as is evident from the reasons recorded. Therefore the reasons do make out a prima facie case that income chargeable to tax for the subject assessment year has escaped assessment. This of-course is subject to the Petitioner's pointing out in the re-assessment proceeding that on merits such addition as proposed is not permissible in law. Petition dismissed. - WRIT PETITION NO. 2164 OF 2019 - - - Dated:- 23-8-2019 - M.S. SANKLECHA AND NITIN JAMDAR, JJ. Mr. S.C. Tiwari with Ms. Rutuja Pawar for Petitioner. Mr. Sham Walve with Mr. Pritish Chatterjee for the Respondent. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the property is ₹ 1,32,46,000/-. In view of these facts the market value of the property i.e. ₹ 1,32,46,000/- was taken as cost of the land as against ₹ 25 crores claimed by the assessee in the assessment order for A.Y. 2015-16. Subsequently, the assessment for A.Y. 2016-17 on identical issue and disallowance of excess claims of land cost made. In the current assessment year the assessee has shown the proportionate land cost at ₹ 25 crores. The assessee is entitled to proportionate land cost on the market value of ₹ 1,32,46,000/- and proportionate farm development expenses. In view of the above facts, undersigned has reasons to believe that the income chargeable to tax has escaped assessment for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice. In the facts of the present case, the assessment for the subject assessment year was by virtue of intimation under section 143(1) of the Act. Therefore the Assessing Officer had no occasion to examine the claim of the Petitioner. It is on the basis of tangible information now received that the impugned reopening notice has been issued, as is evident from the reasons recorded. Therefore the reasons do make out a prima facie case that income chargeable to tax for the subject assessment year has escaped assessment. This of-course is subject to the Petitioner's pointing out in the re-assessment proceeding that on merits such addition as proposed is not permissible in law. 6. We see no merit in the petition. Accordingl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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