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2017 (9) TMI 1530 - HC - Income TaxReopening of assessment - unexplained property - notice u/s 148 makes a reference of power of attorney holder - Held that:- The words “power of attorney holder” have been used taking it from the sale deed executed by the petitioner where the consideration shown is of ₹ 3,76,963/- (mentioned as ₹ 3,67,963/- in the impugned notice) as against the value of the property to be ₹ 3,90,00,000/- on DLC rate, making difference of ₹ 3,86,23,037/-. The property aforesaid was shown to be asset of the petitioner in the balance sheet and he had executed the sale deed. If the petitioner is not the owner of the property then while executing the gift deed, why he had shown himself to be the owner. It is not such a case where reasons to believe recorded by the authority is without jurisdiction so as to invoke the extra ordinary jurisdiction of this Court. Writ petition is dismissed without causing interference in the impugned order as well as in the notice under Section 148 of the Act of 1961 given by the respondents. The petitioner would, however, be at liberty to take alternative remedy
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