9911796707
TMI Blog2021 (10) TMI 292X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. The petitioner has invoked the writ jurisdiction of this Court for the purposes of quashing the notices dated 18.02.2021 issued to her under Section 153A of the Income Tax Act, 1961 (for short 'the Act') for the assessment years 2012-13 and 2013-14. 3. Sh. Naik, senior counsel for the petitioner submitted that the aforesaid notices are without jurisdiction as the Assessing Authority is not in possession of any material on the basis of which he can form an opinion that the income of the petitioner has escaped assessment likely to be of the amount of Rs. 50.00 lakhs or more in the relevant assessment years. In this connection, he has relied on the 4th proviso to Section 153A of the Act and a decision of the Supreme Court in the case of ' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xure-I to the writ petition. "The document is photocopy of "agreement to sell" dated 18.10.2011 between Smt. Satya Devi W/o Late Sh. Balwan Singh R/o Village Pamote Tehsil & District Reasi (seller) and 1) Smt. Kusum Gupta W/o Sh. Sneh Gupta 2) Uma Mahajan W/o Sh. Janak Raj Gupta, both residents of 62 A/D Gandhi Nagar Jammu (Buyers) regarding purchase of land measuring 80 kanals underlying khasra No. 705 khewat No. 47/24 & khewat No.21 situate at Pamote, Tehsil and District Reasi for sale consideration of Rs. 80,00,000/ (Rupees Eighty lacs). As per the said documents, advance payment of Rs. 8,00,000/- has been already made by the buyer to the seller vide cheque No.496018 dated 18.10.2011 of J&K Bank Shalimar Road Jammu and the balance paym ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0.00 lakhs, may be that for some reason, the agreement could not be performed and the petitioner may have to resort to lodging of an FIR against the vendor named therein, but the aforesaid documents sufficiently reveal that the petitioner intended to acquire an asset worth Rs. 80.00 lakhs in the relevant year and the said asset has escaped assessment. The said assessment/satisfaction of the Assessing Authority may not be correct or justified, nonetheless, he was possessed of the documents to form an opinion that the income worth over Rs. 50.00 lakhs or above has escaped assessment. Thus, not only he was possessed of the relevant documents but has also recorded his satisfaction regarding escapement of assessment to the tune of over Rs. 50.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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