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2023 (11) TMI 36 - DELHI HIGH COURTReopening of assessment - Assessee entered into high value transactions, inter alia, concerning the subject immovable property - petitioner’s assertion was that he had not earned any other income, apart from the amounts indicated hereinabove, from sale of property and interest - Petitioner submitted that if the acquisition price of the subject property is taken into account, the escaped income will be less than Rs. 50,00,000/-. and as reassessment proceedings have been commenced beyond three (3) years from the end of relevant AY, i.e., AY 2016-17, and, therefore, are time-barred. HELD THAT:- We would have accepted the submission of Petitioner but for the fact that, concededly, the petitioner did not file his Income Tax Return. Therefore, according to us, the matter may require further inquiry. As said, before the AO proceeds further, he will give an opportunity to the petitioner to submit further documents in support of his defence (to which, we have made a broad reference hereinabove). AO will also deal with the stand of the petitioner that the subject property which was sold, was bought in and about 2010, at the price indicated hereinabove. AO will, in any event, deal Petitioner's submission that notwithstanding the fact that Return of Income (ROI) had not been filed, the escaped income would not exceed Rs. 50,00,000/-. This exercise will be undertaken before passing an assessment order. The petitioner is given leeway to file the ROI within the next thirty(30) days.
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