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TMI Blog2019 (10) TMI 778X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment or that the petitioner had failed to fully and truly disclose all material facts for assessment and an arguable case has been made out by the petitioner. This matter requires to be heard on affidavits. Let affidavit in-opposition be filed within a week after re-opening; reply thereto, if any, within a week thereafter. The authorities shall not proceed with the re-assessment up to November 30, 2019. Learned Advocate for the petitioner is directed to communicate this order to the respondents as also the learned Advocate who had appeared for the respondents. - WP 477 OF 2019 - - - Dated:- 17-10-2019 - JUSTICE SHAMPA SARKAR, J. For The Petitioner : Mr. Abhijit Chatterjee, Sr. Adv. And Mr. Gopal Ram ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der scrutiny assessment for the assessment year 2012-13, the petitioner by a letter dated January 21, 2015 had already answered the queries with regard to the advance received by the petitioner for sale of the flats mentioned in the notices during the assessment year 2012-13. The petitioner in the said letter had categorically explained why the said advance received against the said flats had not been accounted for in the return for the assessment year 2012-13 but in stead was accounted for in the return filed for the assessment year 2015-16. Under such circumstances, it is further contended by the petitioner that the petitioner had under no circumstances failed to disclose any facts relating to the notice issued by the auth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yond the period of four years, but within a period of eight years, from the end of the relevant year two conditions have therefore to be satisfied. The first is that the Income-tax Officer must have reason to believe that income, profits or gains chargeable to income-tax have been under-assessed. The second is that he must have also reason to believe that such under assessment has occurred by reason of either (i) omission or failure on the part of an assessee to make a return of his income under Section 22, or (ii) omission or failure on the part of an assessee to disclose fully and truly all material facts necessary for his assessment for that year. Both these conditions are conditions precedent to be satisfied before the Income-tax Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appellate authority had upheld the contention of the petitioner before it with regard to the computation of the said income as income from capital gains and an income not from business and profession. It is thus contended that there could be no reason for the authorities to come to a conclusion that the income had escaped assessment or that the petitioner had failed to fully and truly disclose all material facts for assessment and an arguable case has been made out by the petitioner. This matter requires to be heard on affidavits. Let affidavit in-opposition be filed within a week after re-opening; reply thereto, if any, within a week thereafter. The authorities shall not proceed with the re-a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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