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2023 (3) TMI 417 - HC - Income TaxReopening of assessment u/s 147 - reassessment proceedings initiated after six years - indexed cost of acquisition, litigation cost and capital gain in the alleged transaction was less than Rs.50 Lakhs - HELD THAT:- In this case, prima facie, there is some material on the basis of which a notice for reopening of escaped assessment has been issued. It would be for the petitioner/assessee to show that there are no reasons for reopening the assessment or the valuation of escaped assessment is less than Rs.50 Lakhs which dis-entitles reopening of the assessment after the prescribed statutory period. It would be difficult for us to render our findings regarding correctness or otherwise of the grounds shown in the show-cause notice. If the Authorized Officer has formed the opinion that income tax has escaped and reassessment is necessary, if he has formed the opinion that the valuation of escaped assessment is more than Rs.50 Lakhs based on some material and has also recorded reasons, it is for the petitioner/assessee to establish that the view taken by the Authorized Officer is contrary to the material on record or it is perverse. When the challenge to the show-cause notice is based on disputed questions of facts, this Court would be slow in entertaining the writ petition in exercise of jurisdiction under Article 226 of the Constitution of India particularly, when decision of authority would be susceptible to appeal in terms of Section 246 of the Act. We are not inclined to entertain the writ petition. Hence, the writ petition is dismissed accordingly.
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