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TMI Blog2024 (1) TMI 1009X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 148A(d) of the Act. Mr. Basu states that in the order also it is mentioned that the assessee is buyer of the property and if only the sanctioning authority had read the order, he would not have granted the sanction because Section 50C of the Act does not apply to buyers. We would agree with above Revenue relies on an affidavit-in-reply filed by one Manish - In our view, the said Manish is incompetent to make the statement because it is not the said Manish, who had passed the impugned order. There is also nothing to indicate in the affidavit that Manish made inquiries with the officer Abhishek Kumar Sinha, who passed the impugned order seeking an explanation for reliance on Section 50C of the Act. Therefore, we shall not accept t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id not reply to the initial notice dated 23rd March 2022 that Petitioner received under Section 148A(b) of the Act. At the same time, Mr. Basu refers to the order passed under Section 148A(d) of the Act, whereby in paragraph 3 it is stated as under : 3. From the details of transactions as mentioned above, it is seen that there is violation of the provisions of section 50C of the Income Tax Act, 1961. Due to noncompliance, assessee also failed to explain the transaction. Further, on verification of assessee s return of income for AY 2018-2019, it is seen that differential amount of Rs. 26,44,500/- is not offered for taxation. 4. Mr. Basu states, and rightly so, that provisions of Section 50C of the Act would apply only to a seller ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... questions of fact and law are left open to be investigated and decided by the Assessing Authority and therefore, reopening is valid. We do not accept this stand of Respondents in as much as the Assessing Officer before issuing a notice must have satisfied himself that what he writes makes sense. Even the Principal Commissioner, who granted sanction should have also applied his mind and satisfied himself that the order passed under Section 148A(d) of the Act was being issued correctly by applying mind. It cannot be a mechanical sanction. On these grounds alone, the petition should be allowed. 7. We also should note that there is nothing in the notice to explain as to how, if the transaction amount is less than the stamp duty value, there ..... X X X X Extracts X X X X X X X X Extracts X X X X
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