9911796707
TMI Blog2021 (11) TMI 813X X X X Extracts X X X X X X X X Extracts X X X X ..... eply petitioner vide its letter dated 17/11/2015 provided all details and documents to the AO. Subsequently, the assessment order dated 29/2/2016 was passed. Date given as 12/3/2016 in the reasons, Shri Jain says appears to be erroneous. We are satisfied that this is nothing but change of opinion and using the words I have reason to believe that income chargeable to tax . By reason of the failure on the part of the assessee to disclose fully and truly all material facts . in the reason for reopening is clearly an attempt to take the case out of restrictions imposed by the proviso of Section 147 of the Act - Decided in favour of assessee. - WRIT PETITION NO.3286 OF 2019 - - - Dated:- 18-11-2021 - K. R. SHRIRAM AND AMIT B. BORKA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clear case of escapement of income to the tune of ₹ 44,15,89,250/- as the assessee has sold flats and the assessee and it is not reflected in the turnover. 5. In view of the above, the provisions of clause (b) of Explanation 2 to section 147 are applicable to facts of this case and the assessment year under consideration is deemed to be a case where income chargeable to tax has escaped assessment. In this case, four years have lapsed from the end of assessment year under consideration. Hence, necessary sanction to issue notice under Section.148 has been sought from Pr. Commissioner of Income Tax-33, Mumbai as per the provisions of section 151 of the Act. 6. On the basis of the information made available and further enquiry ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e given as 12/3/2016 in the reasons, Shri Jain says appears to be erroneous. 6. In the circumstances, we are satisfied that this is nothing but change of opinion and using the words I have reason to believe that income chargeable to tax . By reason of the failure on the part of the assessee to disclose fully and truly all material facts . in the reason for reopening is clearly an attempt to take the case out of restrictions imposed by the proviso of Section 147 of the Act. 7. In the circumstances, the notice dated 29/3/2019 impugned in this petition is quashed and set aside. Notices/demand issued consequent to this notice which has been set aside, are also quashed and set aside. Petition disposed. - - TaxTMI - TMITax - Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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