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TMI Blog2019 (12) TMI 266X X X X Extracts X X X X X X X X Extracts X X X X ..... Act. However, the petitioner points out that the impugned notice proceed on the basis that the consideration received for the sale of shares was Nil. This is factually incorrect. According to the petitioners they had sold the same at market value at the stock exchange and the same was subject to examination during regular assessment proceedings leading to an order under Section 143(3) of the Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Act, 1961 (the Act) seeking to reopen the assessment for Assessment Year 2012-13. The impugned notice is beyond the period of 4 years from the end of the relevant assessment year as the assessment was completed under Section 143(3) of the Act. It is the petitioner s case that there was no failure on its part to disclose truly and fully all material facts necessary for assessment. Howev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. In the above view, a prima facie case has been made out by the petitioner that the above indicates non-application of mind to the facts in issuing the impugned notice and also a case of change of opinion. Thus, the Assessing Officer could not have any reason to believe that income chargeable to tax has escaped assessment. Therefore, prima facie without jurisdiction. 4. In the above vie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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