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TMI Blog2024 (2) TMI 343X X X X Extracts X X X X X X X X Extracts X X X X ..... re issuing the notice u/s 148 and hence prayed for dismissal of the writ petition. HELD THAT:- Although, elaborate submission was made by the petitioner on merits on the strength of proviso to Section 50(C) of the Income Tax Act, 1961, the fact remains that the petitioner had not filed the regular return u/s 139 of the Income Tax Act, 1961 for the assessment year 2016-17. Whether the petitioner is entitled to the relief based on the points raised before this Court is capable of being decided by the Assessing Officer, as admittedly no regular Returns of Income was filed by the petitioner. Even, if the petitioner may have a case for dropping of the proposed proceedings it is better for the petitioner to file a proper reply to the notice issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d down in section 149(1)(b) are satisfied in this case. In this case no return of income has been filed for the year under consideration and accordingly, no assessment was made. Further, the requirements to initiate proceedings under section 147 of Income tax Act, 1961 as provided by section 148 has been duly followed and the prior approval of the specified authority as provided under section 151 of the income tax act have been obtained. In view of the above, provisions of Section 147 are applicable to the fact of this case and the assessment year under consideration is deemed to be a case where income chargeable to tax has been escaped assessment. In view of the above facts and discussions, it is held that this is a fit case for issue of n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xecution Court. 6. The specific case of the petitioner is that the invocation of Section 148A(b) of the IT Act, for the purpose of, reopening the assessement and for issuing a notice under Section 148 of the Income Tax, Act, 1961 itself has been defeated by the respondents vide impugned order though the petitioner had clearly explained the legal and factual position. 7. Specifically, it is submitted that during the Assessment Year 2016- 2017, the petitioner paid only a sum of Rs. 1,00,000/-, pursuant to the Judgment and Decree dated 16.10.2014 and therefore, the question of invoking Section 50C of the Income Tax Act, 1961, did not arise at all. 8. That apart, it is submitted that even otherwise question of invocation of the above machinery ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the immovable property by transfer, the Fair Market Value of the property which stood at Rs. 64,00,000/-. 14. It is submitted that as per Section 50C of the Income Tax Act, 1961 relevant to the Assessment Year 2016-17, the date of transfer of the property is to be taken into consideration for taxation of capital gains. 15. It is submitted that the petitioner in his objection letter dated 20/02/2023 in Sl.No.08 vide response to notice under Section 148A(b) of the Income Tax Act, 1961 dated 28/02/2023 has relied on the first proviso to Section 50C of the Income Tax Act, 1961. 16. First proviso to Section 50C of the Income Tax Act,1961 reads as under:- Provided that where the date of the agreement fixing the amount of consideration and the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... him under Sections 148 149 of the Income Tax Act, 1961 before issuing the notice under Section 148 of the Income Tax Act,1961 dated 31.03.2023 and hence prayed for dismissal of the writ petition. 20. It is further submitted that the Assessing Officer has followed all the necessary procedure as is required by law before invoking the provisions of Section 148 of the Income Tax Act,1961. 21. It is further submitted that the Assessing Officer had information in hand that the Petitioner had purchased an immovable property for a consideration of Rs. 64,00,000/- (as per the Fair Market Value on the date of transfer) during the financial year 2015-16 and that the information in hand was established to be truthful as per the information collected fr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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