9911796707
TMI Blog2024 (11) TMI 90X X X X Extracts X X X X X X X X Extracts X X X X ..... led reply on 08.12.2015 providing details with regard to purchase of immovable property and payment of advance to the Om Land Reality Pvt. Ltd. AO after considering the details, has accepted the return income and passed the order u/s 143 (3) of the Act. On perusal of the reasons recorded it clearly reflects wrong figure in relation to the immovable property transaction carried out by the petitioner on 07.03.2013. This fact is further fortified by the Assessing Officer in the communication dated 22.09.2021 as well as show-cause notice issued on the same date for proposed addition in the re-assessment proceedings. It is therefore, apparent that the respondent-Assessing Officer has issued the impugned notice under section 148 of the Act only o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pective parties, the matter is take up for hearing. 4. By this petition under Article 226 of the Constitution of India, the petitioner has challenged the validity and jurisdiction of the notice dated 23.03.2020 issued under section 148 of the Income Tax Act, 1961 [for short the Act ] for the Assessment Year 2013-14. 5. The petitioner filed return of income on 27.09.2013 showing total income of Rs. 2,33,750/- for the year under consideration. The same was taken-up for scrutiny assessment and assessment order under section 143 (3) of the Act was passed on 27.01.2016 accepting return of income. 5.1 Thereafter, the notice under section 148 of the Act was issued. The petitioner filed return in response to the notice and requested for providing r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 27.01.2016 accepting returned income. iv) The information received through various letters is available on record. 5. Findings of the AO: The assessee has filed its return of Income for A.Y. 2013-14 on 27.09.2013 declaring total income of Rs. 2,33,750/-. The assessment order u/s. 143 (3) of the I.T. Act was passed on 27.01.2016 accepting returned income. However on perusal of the assessment records, it is noticed that the new information staled above, as not been examined and assessed in earlier assessment in the assessment order finalized no discussion about verification of such transaction of immovable property is made. Thus, on verification of case records, details/documents submitted by the assessee, etc. it is noticed that the prop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore passing the assessment order under section 143 (3) of the Act. It was therefore, submitted that the petitioner has disclosed fully and truly all the material facts for the assessment and there is no failure on the part of the petitioner. 5.3 The respondent-Assessing Officer however, did not dispose of the objections. The petitioner therefore, approached this Court by preferring Special Civil Application No. 4267/2021 which was disposed of by order dated 27.07.2021 directing the respondent-Assessing Officer to take into consideration the objections filed by the petitioner before proceeding further with the re-assessment proceedings. 5.4 Pursuant to the aforesaid order passed by this Court, the respondent-Assessing Officer disposed of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer has accepted the fact that the petitioner purchased immovable property on 07.03.2013 to the tune of Rs. 1,65,10,000/- from Om Land Reality Pvt. Ltd. It was further submitted that even in the show-cause notice issued for proposed addition along with draft assessment order by the respondent-Assessing Officer on 22.09.2021 also proposes the addition of Rs. 1,65,10,000/-. It was therefore, submitted that the reasons recorded by the respondent-Assessing Officer is based upon the incorrect information as there is no transaction of Rs. 1,85,81,151/- entered into by the petitioner and therefore, there is no escapement of any such income which is not disclosed by the petitioner. 6.2 It was further submitted that the respondent-Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 161 CTR (Guj.) 100 in support of his submissions. 7.1 It was therefore submitted that no interference be made by this Court while exercising extraordinary jurisdiction under Article 226 of the Constitution of India as the petitioner would have alternative efficacious remedy to challenge the assessment order passed pursuant to the impugned notice issued under section 148 of the Act. 8. Having heard learned advocates for the respective parties and considering the the facts of the case, it is not in dispute that during the course of the assessment proceedings, there is no failure on the part of the assessee to disclose fully and truly all material facts inasmuch as pursuant to the notice issued under section 142 (1) of the Act, the petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X
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