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2017 (1) TMI 1038 - HC - Income TaxReopening of assessment - reasons to believe - non-failure on the part of the assessee to disclose truly and fully the transaction - Held that:- It is required to be noted that the assessee was required to furnish the full particulars with respect to the payment of full sale consideration of ₹ 43 lakh. He could not have produced the similar material like return of income, books of account, ledger account, bank statement of his wife. In the objections the petitioner had not stated that the sale consideration was required to be paid by both of them i.e. 50% 50%. From the sale deed it appears that out of ₹ 43 lakh towards sale consideration, ₹ 23 lakh are alleged to have been paid by cash. It is required to be noted that it is the case on behalf of the petitioner that in earlier year he sold the property worth ₹ 67 lakh (approximately) and therefore, he was having the cash. However, it is required to be noted that in the objections the assessee has not come out with the said case. It is required to be noted that sale consideration with respect to the aforesaid transaction is more than ₹ 30 lakh, as per the relevant Rules, in the return of income itself the same was required to be disclosed, which even considering the manual return filed by the assessee it appears that the petitioner assessee has not disclosed sale transaction. Shri Soparkar, learned advocate appearing on behalf of the assessee has submitted that so far as the assessee is concerned, the sale consideration qua him will be ₹ 21,50,000/which is less than ₹ 30 lakh and therefore, the said Rule shall not be applicable. The aforesaid cannot be accepted. What is required to be considered is the total consideration of the transaction which admittedly is about ₹ 43 lakh. Therefore, it is the case of non-failure on the part of the assessee to disclose truly and fully the aforesaid transaction. Therefore, all the requirement under Section 147 of the IT Act to reopen the assessment have been satisfied. - Decided against assessee.
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