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2022 (7) TMI 292 - HC - Income TaxReopening of assessment u/s 148 - Eligibility of Reason to believe - capital gains is chargeable to tax for the Assessment Year 2008-09 and not Assessment Year 2009-10 - HELD THAT:- Except stating that assessee had received Rs.30 Lakhs in the financial year 2007-08 from Rohan Monteiro, the ITO has not recorded any reasons much less, 'reasons to believe' while issuing notice under Section 148 of the Act. Shri. Shankar is right in his submission that payment received in every transaction cannot be construed as Income, but the ITO in this case, has issued notice only on the premise that assessee had received Rs.30 Lakhs in financial year 2007-08. Such notice is not sustainable in law. It is also relevant to note that on completion of transaction, the assessee has filed his return for the financial year 2008-09 and the same is not disputed. Appeal allowed.
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