TMI Blog2018 (5) TMI 1436X X X X Extracts X X X X X X X X Extracts X X X X ..... E MR.JUSTICE AKIL KURESHI) 1. Petitioner has challenged a notice dated 26.03.2017 issued by the respondentAssessing Officer to reopen the petitioner's assessment for the assessment year 2010-11. 2. Brief facts are as under. 3. Petitioner is an individual. He is a partner of one firm M/s. Shakti Metal Works. For the assessment year 2010-11, the petitioner had filed the return of income on 15.12.2010 declaring total income of ₹ 1.14 lakhs (rounded off). According to the petitioner, he retired from the said firm with effect from 01.04.2009. The return of the assessee was accepted without scrutiny under section 143(1) of the Income Tax Act, 1961 ('the Act' for short). To reopen such assessment, impugned notice cam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bove, the assessee's case falls within the explanation 2(b) of the section 147 of the I.T. Act, i.e. where a return of income has been furnished by the assessee but no assessment has been made and it is noticed by the assessing officer that the assessee has understated the income or has claimed excessive loss, deduction, allowance or relief in the return, As such, I have a reason to believe that an income of ₹ 37,37,978/as stated above, has escaped assessment in the hands of the assessee for the year under consideration. I am satisfied that the case of the assessee is a fit case for action u/s 147 of the Act by reason of the assessee's failure to disclose fully and truly all the material facts necessary for assessment. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hip has been distributed to the partners including the petitioner who received much larger share than his share in the partnership business. As per the material on record, this happened on 10.04.2009 i.e. during the period relevant to the assessment year in question. The Assessing Officer has not proceeded on the basis of the TEP. Counsel produced the original files to show that the complaint made by the TEP was investigated by the investigation wing. The report was placed before the Assessing Officer who after perusal of the report and other materials on record, formed a belief that income chargeable to tax has escaped assessment. Counsel contended that this was in addition to the reasons already recorded which demonstrate these fact. 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lves, we have perused the original file in this regard, which would show that upon the TEP being received by the department, the investigation wing had carried out a detailed investigation into the dealings of the partnership and the partners. There was concrete information of the said transaction on the basis of the statements of the partners and other evidence. Such material was placed before the Assessing Officer. The petitioner's objection in this regard must be rejected. 9. The petitioner's contention regarding that taxing event not falling during the current year and the taxability of the amount in the hands of the petitioner would be substantially in the realm of ascertainment of full facts and applicability of law on such ..... X X X X Extracts X X X X X X X X Extracts X X X X
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