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2017 (7) TMI 462 - GUJRAT HIGH COURT

2017 (7) TMI 462 - GUJRAT HIGH COURT - Tmi - Reopening of assessment - capital gain - share of assessee in property sold - Held that:- Going by the primary facts, we cannot come to the conclusion that the reasons recorded by the Assessing Officer lacked validity so as to prevent even the assessment to be made. As is well settled, as long as the Assessing Officer has tangible material at his command to form a bonafide belief that income chargeable to tax has escaped assessment, the Court would no .....

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ssed the sale consideration for the purpose of capital gain to ₹ 3.37 crores. Thus we do not find that the notice for reopening requires any interference in exercise of writ jurisdiction. - Decided against assessee. - SPECIAL CIVIL APPLICATION NO. 12152 of 2017 - Dated:- 10-7-2017 - MR. AKIL KURESHI, AND MR. BIREN VAISHNAV, JJ. For The Petitioner : MR KETAN H SHAH, ADVOCATE ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Petitioner has challenged a notice dated 20.03.2017, annexed .....

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the copartner Shri MaheshKumar Ishwarlal Bhojani, it is found that the assessee too have received sale consideration of ₹ 1,68,90,617/from the sale of immovable property. The assessee has sold residential property inclusive of N.A. Plot of land admeasuring 1188.12 sq.mtr. And building constructed thereon admeasuring 329.85 sq.mtr. Situated at SubPlot No.14, F.P. No.39/1, 39/3 and 43, T.P. No.214, Survey No.476/1, 476/2, 477, 478/1, 479, 481, 482/2, 480/1, 482/1 in joint ownership. On verif .....

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3/@ 50%). The assessee have not filed Return of Income declaring capital gain on the sale proceedings received, which is liable to tax. In view of the above, I am of the opinion and have reason to believe that, the income of ₹ 1,68,90,617/chargeable to tax has escaped assessment for A.Y. 2012-13 due to the omission or failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment. Thus, the case needs to be reopened by issuing notice u/s. 148 of .....

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that the stamp valuation authority had adopted the value of the property higher than what was indicated in the sale deed. 3. From the reasons recorded, it further emerges that in case of Mahesh Ishwarlal Bhojani, coowner of the same property for the assessment year 2012-13, the sale value of the property was assessed at ₹ 3.37 crores (rounded off). According to the Assessing Officer, in the reasons recorded therefore the petitioner's share of such sale consideration comes to ₹ 1. .....

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to assess the income of the petitioner for the said assessment year. In this context, reference can be made to the decision of the Supreme Court in case of ACIT v. Rajesh Jhaveri Stock Brokers Pvt. Ltd, reported in (2007) 291 ITR 500 and of the decision of this Court in case of reported in Inductotherm India (P) Ltd. v. M. Gopalan, Deputy Commissioner of Income tax reported in (2013) 356 ITR 481. 5. Learned counsel for the petitioner however submitted that the Assessing Officer has adopted a fi .....

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