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TMI Blog2021 (10) TMI 292X X X X Extracts X X X X X X X X Extracts X X X X ..... f the documents to form an opinion that the income worth over ₹ 50.00 lakhs or above has escaped assessment - not only he was possessed of the relevant documents but has also recorded his satisfaction regarding escapement of assessment to the tune of over ₹ 50.00 lakhs. Accordingly, it is not a case where ex facie it can be said that the notice is without jurisdiction. It may be relevant to note that in response to the aforesaid notices, the petitioner has already filed revised returns and the matter is pending assessment. Once the petitioner has already filed revised returns, he has accepted or acquiesced to the notices and, as such, is estopped from challenging the same. - WP (C) No.2008 of 2021 - - - Dated:- 1-10-2021 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be deemed to be without jurisdiction. 4. Section 153A of the Act is applicable in cases of search and where books of accounts, other documents or any assets are requisitioned so as to empower the Assessing Authority to issue to notice requiring the assessee to furnish the revised returns of income in respect of the assessment years of the preceding six years as if such returns were returns furnished under Section 139 of the Act. The aforesaid provision vide clause (a) of the 4th proviso lays down that no such notice would be issued unless the Assessing Authority has in its possession books of account or other documents or evidence which may reveal that the income represented in the form of asset has escaped assessment of likely amount o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 8,00,000/ also dated 18.10.2011, therefore, the said assessment year i.e. A.Y 2012-13 (F.A. 2011-12) falls within the relevant assessment year as per sub section (1) Explanation -1 of Section 153A of the IT Act, 1961 and the said asset/income has escaped assessment for the relevant assessment years. Accordingly, keeping in view the same, and the fact the case is covered under Search warrant, notice u/s 153A of the IT Act, 1961is being issued to the assessee for the A.Y 2012-13 and 2013-14 as per law as the said assessment years falls within 10 years from the assessment year relevant to the previous year in which search was conducted. 7. The petitioner has brought on record the copy of the Agreement to Sell dated 18th October 2011 whi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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