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TMI Blog2023 (9) TMI 260X X X X Extracts X X X X X X X X Extracts X X X X ..... ld indicate that it was based on the very case records and as per the author of the reasons, they were self-explanatory, and therefore, no further inquiry was required in this case. Obviously therefore, there was no new tangible material based on which reasons for reassessment were taken. The order disposing of objections, therefore, would also fail again. From the notice and on the response that the petitioner filed it is evident that the same material which was accepted by the respondent, has been made a part of the revised reassessment regime by the impugned notice and the order disposing the objections. Decided in favour of assessee. - HONOURABLE MR. JUSTICE BIREN VAISHNAV AND HONOURABLE MR. JUSTICE BHARGAV D. KARIA Appearan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act was issued on 12.10.2017 asking the petitioner to show cause as to why share in the total consideration of 13 plots should not be treated as undisclosed income of the petitioner. The petitioner filed replies on 07.11.2017 and 14.12.2017. Eventually, the Assessing Officer assessed the income of the petitioner at Rs. 51,62,600/- vide order under Sec. 143(3) dated 18.12.2017. 3.3 On 22.03.2021, notice under Sec. 148 of the Act was issued. The petitioner, on 19.04.2021, without prejudice filed his returns and sought for reasons recorded for reopening. The reasons were supplied by a communication dated 20.05.2021. The petitioner filed his objections on 08.06.2021. The objections were disposed of on 0902.2022. 4. Mr. B.S. Soparkar, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice on 07.11.2017 and 14.12.2017 to submit that he had offered sufficient explanation with regard to the issue. He would therefore submit that since detailed replies were filed and were considered and accepted by a revised return of income, issuance of notice would amount to change of opinion which is impermissible. 4.5 Mr. Soparkar, learned counsel, would submit that no new tangible material was brought on record and all the details which were part of the reasons recorded, were already available with the respondent during the course of original scrutiny assessment. The reopening according to Mr. Soparkar, learned counsel, was based on audit objections. 4.6 Mr. Soparkar, learned counsel, further submitted that factually incorrect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ruly of necessary material facts during the assessment proceedings and hence the exercise of issuing notice was just and proper. 6. Having considered the submissions made by the learned counsels appearing for the respective parties, adverting to the reasons recorded in the notice under Sec. 143(2) r/w. Sec. 147 of the Income-tax Act, it is the case of revenue that on verification of records, it is noted that the assessee has 13 properties sold during the F.Y. 2014-15 and the assessee had neither disclosed the sale, nor shown the profits derived therefrom. Analysing such information, it was the case of the revenue that the opinion was concluded based on two separate development agreements and this information was based on examination of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he end of the assessment year. The reasons, further would indicate that it was based on the very case records and as per the author of the reasons, they were self-explanatory, and therefore, no further inquiry was required in this case. Obviously therefore, there was no new tangible material based on which reasons for reassessment were taken. The order disposing of objections, therefore, dated 09.02.2022 would also fail again. 6.3 From the notice dated 12.10.2017 and on the response that the petitioner filed vide replies dated 07.11.2017 and 14.12.2017, it is evident that the same material which was accepted by the respondent, has been made a part of the revised reassessment regime by the impugned notice and the order disposing the objec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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