TMI Blog2018 (5) TMI 592X X X X Extracts X X X X X X X X Extracts X X X X ..... o private individuals, but by the petitioner with NOIDA Authority. NOIDA Authority is established by the State of Uttar Pradesh. We do not see that the “reasons to believe” recorded establish any live nexus that income had escaped assessment and any fresh material and evidence would show that the original assessment framed under Section 143 (3) was erroneous and wrong - The transaction between the petitioner-assessee and the NOIDA Authority with regard to purchase of the farm house was examined and considered. The law on re-opening does not permit the Assessing Officer to re-examine the issue already examined in regular assessment under Section 143(3). Change of opinion cannot be a ground to re-open scrutiny assessment. - Decided in favo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t ₹ 1,00,000/- shown in immediate preceding year, thereby an increase of ₹ 39,00,000/- in the year under consideration. If approved, case may be taken up for scrutiny for verifying the introduction of capital made by the assessee company. Approval of the CCIT Delhi-II, New Delhi is solicited as per para (j) of th guidelines issued by the CBDT vide F. No 225/127/2011/ITA-II dated 02.09.2011. Thereupon, notice under Section 143 (2) of the Act was issued to the petitioner on 29th September, 2011, followed by notice under Section 142 (1) dated 5th January, 2012. 4. Order sheets reveal that questionnaire dated 5th January, 2012 was issued, requiring the petitioner to file, amongst other details, detailed note on bus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the value of such premium on shares. 16. Details of shares issued, subscribed and paid during the F.Y. 2009-10 with names and addresses of the applicants, confirmation, assessment particulars, copy of bank statement. 17. Details of exempt income with applicability of Section 14A read with Rule 8D. Also explain why provisions of section 14A should not be invoked. Furnish complete details of investments. 18. Furnish complete details of current liabilities. Confirmed copy of account of the parties and details of statutory liability with evidence of payment. 19. Details of Creditors, with complete addresses alongwith confirmed copies of account. 20. Please confirm whether stock register is maintained. File copy of inv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 23rd November, 2012, which records that the petitioner would furnish details of advance against the property with documentary evidence. 7. The original file produced before us by the respondents reveals that the petitioner during the course of assessment proceedings, had filed a copy of transfer memorandum dated 28th September, 2010 with Vichitra Lata. Copy of the Transfer Deed of the leasehold rights in the property executed by the petitioner in favour of the transferee was filed with the Assessing Officer. It is obvious that the Assessing Officer was aware that the petitioner had entered into a transaction and purchased a farm house from NOIDA Authority. It would be strange to urge that the Assessing Officer had taken on record docum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been received from Dy. Director of Income-Tax (Inv) Unit-3(1), New Delh on 15.03.2017. The officer submitted that the assessee has purchased a plot for development of farm house from New Okhla Industrial development Authority (Noida). Total premium of the plot is ₹ 6,63,40,000/- out of which ₹ 1,32,68,000/- has been paid during the F.Y. 2009-10. The officer has also forwarded the copy of lease deed entered by the assessee company with NOIDA authority. The analysis of lease deed is detailed as under:- The lease deed was signed by the director of the assessee company Sh. Pradeep Kumar Gupta It was dated 31.3.2010. It was for a plot measuring 20,231.59 sq. mtrs. situated at FH-11 22, Sec. 128, Noida. The land w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty and copy of lease deed was furnished to the Assessing Officer in the first round of assessment. The Assessing Officer was also aware that in the subsequent assessment year the said farm house was sold to a third party. The amount of premium paid by the petitioner to the NOIDA Authority was indicated and examined by the Assessing Officer as copy of the statement of bank accounts was furnished. Pertinently, the Assessing Officer had specifically examined receipt of ₹ 1,56,00,000/- as share premium. The re-opening is not to reexamine this receipt on the ground of fresh and new material. 12. Counsel for the respondents has drawn our attention to the fact that the assessee had not disclosed any fixed asset and investment in his retur ..... X X X X Extracts X X X X X X X X Extracts X X X X
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