TMI Blog2018 (2) TMI 1216X X X X Extracts X X X X X X X X Extracts X X X X ..... n to believe that income has escaped assessment on application of Section 56(2)(vii) of the Act, has completely ignored the Explanation thereto. The Explanation to Section 56(2) (vii) of the Act states that the fair market value is to be determined in accordance with the Income Tax Rules. The office note annexed to the Assessment Order dated 28th February, 2013 passed under Section 143(3) of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i For The Respondents : Mr. N. C. Mohanty ORDER P.C : Heard. 2 RULE. 3 This Petition under Article 226 of the Constitution of India, challenges a show cause notice dated 30th March, 2017, issued by the Deputy Commissioner of Income Tax under Section 148 of the Income Tax Act, 1961 (the Act), seeking to reopen the Assessment for Assessment Year 201011. The regular ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ervaluation of ₹ 25.69 Crores. It was the aforesaid amount of ₹ 25.69 Crores on account of undervaluation which, according to reasons recorded, has resulted in income escaping assessment to tax, for the Assessment Year 201011. 5 The Petitioner in his objections pointed out that there was a complete disclosure of all facts during regular assessment proceedings. Attention was invited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 5/per share on application of Rule 11 UA of the Income Tax Rules. 6 Prima facie , the order disposing of the objections, while dealing with the objection of no reason to believe that income has escaped assessment on application of Section 56(2)(vii) of the Act, has completely ignored the Explanation thereto. The Explanation to Section 56(2) (vii) of the Act states that the fair market ..... X X X X Extracts X X X X X X X X Extracts X X X X
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