TMI Blog2016 (12) TMI 414X X X X Extracts X X X X X X X X Extracts X X X X ..... evident from ₹ 1.90 Crores being offered to tax in his return of income for Assessment Year 2008-09. Therefore, the impugned reopening notice is without jurisdiction to the extent it seeks to open the assessment for the Assessment Year 2009-10. Besides, in law, the Petitioner submitted that there could be no reason to believe that any income chargeable to tax has escaped assessment under Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 2730 of 2016 - - - Dated:- 1-12-2016 - M. S. Sanklecha And A. K. Menon, JJ. Mr. Percy Pardiwalla, Sr. Advocate with Mr. Sameer Dalal, for the Petitioner Mr. Ashok Kotangle with Ms. Padma Divakar, for the Respondents ORDER P. C. At the request of the parties, Petition is disposed of finally at the stage of admission. 2 This Petition under Article 226 of the Constitutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Income tax Act, 1961 are clearly attracted in this case. After verifying Income Tax Return details of the assessee it is conclusively proved that the assessee has understand income in the returns of income for A. Y. 2009-10, amounting to ₹ 1,32,52,500/. On the basis of aforesaid information available records with me and after duly applying my mind, I have reasons to believe that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessment for the Assessment Year 2009-10. Besides, in law, the Petitioner submitted that there could be no reason to believe that any income chargeable to tax has escaped assessment under Section 50C of the Act. This for the reason that it would have no application in case of transfer of tenancy/ lease hold rights. 5 The order dated 28th July, 2016 disposing of Petitioner's objection do ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 8 Mr. Kotangle, learned Counsel appearing for the Revenue states that the objection would be disposed of within two weeks from today. In the above view, there shall be a stay on the impugned notice dated 29th March, 2016 till such time as the Assessing Officer disposes of Petitioner's objection dated 6th June, 2016 to the notice dated 29th March, 2016 and for a period of four weeks from ..... X X X X Extracts X X X X X X X X Extracts X X X X
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