9911796707
TMI Blog2022 (12) TMI 1167X X X X Extracts X X X X X X X X Extracts X X X X ..... n these circumstances, the Assessing Officer rightly invoked the principle in Union of India V/s. Major General Madan Lal Yadav [ 1996 (3) TMI 472 - SUPREME COURT] . Discretion apart, we find that this is a matter where the explanation (2) to Section 147 of the IT Act would apply. This explanation inter alia provides that where no return of income has been furnished by the assessee although his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded with a maximum amount which is not chargeable to income-tax, the same shall also be deemed to be a case where income chargeable to tax has escaped assessment. Petitioner has not explained the amount of ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ents to proceed with the reassessment in terms of the notice dated 27.03.2021, which the Petitioner had not bothered to respond. 5. At this belated stage, the Petitioner, vide communication dated 14.01.2022, applied for a week to compile the data and make necessary submissions. Finally, on 21.01.2022, the Petitioner filed a return of income in compliance with the notice under Section 148 and requested reasons to support the reopening. 6. On 18.02.2022, the Petitioner was served with the notice under Section 143(2) of the IT Act, along with reasons for reopening of assessment. The Petitioner filed objections on 23.02.2022, which were disposed of vide impugned notice dated 16.03.2022. Hence, the present Petition. 7. Mr Panandiker sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting the assessment. She submits that there is clear information about the Petitioner receiving an amount of ₹ 2.74 crores and interest of ₹2,15,107/-. Coupled with the fact that no returns were filed for the relevant Assessment Year, this was a clear case of income escaping assessment. Ms Linhares states that the return filed by the Petitioner makes it clear that all defences and explanations of the Petitioner would be considered during the reassessment proceedings. Based on all these, Ms Linhares submits that this Petition may be dismissed. 11. The rival contentions now fall for our determination. 12. In this case, there are two significant circumstances based on which the Petitioner cannot expect this Court to exercise ..... X X X X Extracts X X X X X X X X Extracts X X X X
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