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2018 (2) TMI 677

om other sources under Section 56(1) - Held that:- The issue to be decided in the instant case are not pure questions of law, but requires in-depth consideration of the factual position and then apply the legal principles. The assessment having been completed in the names of the petitioner firm and protectively against the partners, they have to necessarily avail the appeal remedy available to them under the provisions of the Act. This is more so because the petitioners have not been able to establish that the appellate remedy is not efficacious, nor the petitioners were able to convince the Court that their cases fall within the well-defined exceptions which have been drawn as to when jurisdiction under Article 226 of the Constitution coul .....

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Petition is maintainable against the impugned proceedings. 4. Mr.Vijaya Raghavan, learned Senior counsel appearing for M/s.Subbaraya Aiyar Padmanabhan Ramamani, counsels for the petitioner submitted that the petitioners in these Writ Petitions, have challenged the impugned assessment orders as well as the notice issued under Section 148 of the Act and therefore, the petitioners are entitled to maintain the Writ Petitions. It is submitted that there is no failure on the part of the assessee to disclose fully and truly all materials facts and hence, reassessment beyond four years from the end of the relevant assessment year is not permissible under law. To support such contention, reliance was placed on the decision in the case of CIT Vs. M/ .....

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s that there is no failure on the part of the assessee to fully and truly disclose all material facts at the time of scrutiny assessment. Further, it is submitted that reassessment proceedings cannot be initiated on the basis of borrowed satisfaction, as the Assessing Officer has merely relied on the letter of DCIT (International Taxation) and no independent conclusion or reason to believe that income has escaped assessment is being arrived at by the Assessing Officer. Further, it is submitted that no opportunity was given to the petitioner to substantiate non-applicability of Section 56(1) of the Act. In this regard, it is submitted that the provisions of the tax receipt of shares by a firm for a consideration less than fair market value w .....

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nary issue as to whether the Writ Petitions should be entertained. Admittedly, the petitioner has not approached this Court soon after the petitioner's objections to the reopening proceedings were rejected by a speaking order. The petitioner is before this Court after the assessment orders were passed on 31.12.2017, after actively participating in the assessment proceedings in which the authorised representative was heard by the Assessing Officer. 7. Before the Assessing Officer in the course of the assessment proceedings, it was contended that the assessee had been allotted shares at face value of ₹ 10/- per share for and on behalf of the firm, shares were allotted in the names of its partners (other Writ Petitioners) and that du .....

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efore, the partners, namely, other Writ Petitioners contested that the deemed income cannot be assessed in their hands and this would mean that according to the partners, assessment in the name of the petitioner firm is correct. The Assessing Officer has taken note of the dates of allocation of shares, the value and then computed the aggregate difference. Thus, it appears that the partners have pitched their case against the petitioner firm. The petitioner firm is now before this Court raising factual and legal issues challenging the proceedings commencing from the initiation of reopening. The partners have taken a stand before their Assessing Officer that the assessment in the names of the company, has been rightly done. 8. Thus, I am of t .....

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