9911796707
TMI Blog2022 (3) TMI 1290X X X X Extracts X X X X X X X X Extracts X X X X ..... Years. Also no scrutiny assessment has been taken place in the present cases. Consequently, the test to be applied for re-assessment in the present cases is whether there is reason to believe that income chargeable to tax has escaped assessment. In Raymond Woollen Mills Ltd. [ 1997 (12) TMI 12 - SUPREME COURT] the Supreme Court has held that the expression reason to believe means that there i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 999/2022 - - - Dated:- 23-3-2022 - HON'BLE MR. JUSTICE MANMOHAN AND HON'BLE MR. JUSTICE DINESH KUMAR SHARMA Petitioner Through Mr. Ajay Vohra, Sr. Advocate with Dr. Shashwat Bajpai and Mr. Vishal Aggarwal, Advs. Respondents Through Mr. Ruchir Bhatia, Advocate J U D G M E N T MANMOHAN, J (Oral): 1. Present writ petitions have been filed challenging the notices date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 2016-17 2017-18 and the said receipts had not been offered to tax by the assessee. It is further stated in the impugned order that the plea of the petitioners -assessee is covered under Para 1(B)(iii)(c) of the CBDT instruction regarding selection of potential cases for issue of notice under Section 148 of the Act issued vide F. No. 225/40/2021/ITA-II dated 15th March, 2021. 4. Learned seni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he present case is chargeable to tax and the petitioner has claimed exemption and therefore, the issue will have to be examined during the re-assessment proceedings. 7. In the present cases, the issue of dividend income as well as long term capital gain on the sale of shares requires a detailed consideration. 8. Further, in the present cases, Section 148 notices have been issued within four ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated in Raymond Woollen Mills Ltd. (supra) is satisfied in the present case. However, the contentions and submissions raised by the petitioner are relevant and must be examined by the Assessing Officer while passing the reassessment order. It will also be open to the assessee to show in the re-assessment proceedings that the assumption of facts made in the notice is erroneous. 10. With the afor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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