9911796707
TMI Blog2023 (9) TMI 260X X X X Extracts X X X X X X X X Extracts X X X X ..... consent of the learned advocates appearing for the parties, the matter is taken up for final hearing today. 2. By way of this petition under Article 226 of the Constitution of India, the petitioner has challenged the order dated 22.03.2021. The Notice was issued under Sec. 148 of the Income Tax Act. The petitioner has also prayed that the order dated 09.02.2022, by which the objections were disposed of be quashed and set aside. 3. Facts in brief indicate that the petitioner filed his returns of income for Assessment Year 2015-16 on 13.08.2015 declaring a total income of Rs. 2,50,620/-. The return was selected for scrutiny. A detailed scrutiny was undertaken. 3.1 It is the case of the petitioner that realizing a mistake in calculation of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sel, would submit that the reopening was undertaken beyond a period of four years on the end of the assessment year. There is no allegation of failure on the part of the assessee to disclose fully and truly all material facts. He would take the Court through the reasons supplied by the respondent and submit that it is evident that it was only based on verification of records of the assessee himself. In other words, there was no other material on which the notice or reasons were based. 4.3 Mr. Soparkar, learned counsel, would submit that it is evident that for the same issue, scrutiny was carried out, notice under Sec. 142(1) of the Act was issued. He would draw the Court's attention to the notice which indicated the same 13 properties sugg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nly a notice under Sec. 148 r/w. Sec. 147 of the Income Tax Act for the Assessment Year 2015-16 has been issued. The petitioner has an alternative remedy by way of an appeal to the commissioner of Income-tax. Mr. Patel, learned Senior Standing Counsel, would submit that the assessment was reopened after taking into account and in accordance with the legal procedures and duly recording reasons for which the case was reopened. He would submit that the returns of the petitioner was selected for scrutiny as it was noticed that the petitioner had sold 13 properties during F.Y. 2014-15 for the transaction had neither been disclosed nor shown the profit derived from that transaction. It was noticed that of 12 sale deeds executed in F.Y. 2014-15, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the financial statements which reflected the income from such agreements was duly offered to tax. The said full income was offered for tax during respective assessment years when consideration was received and while calculating income, computation for the said years, tax was paid. Based on this, an assessment order was passed under Sec. 143(3) on 18.12.2017. Reading of the Assessment Order would indicate that to a specific query in respect to the purchase and sale of such properties and considering the reply dated 15.05.2017, the assessment order was finalized. What therefore is apparent that there has been a change of opinion. Detailed replies were filed and the same were considered and accepted by the Assessing Officer. 6.2 All these fac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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