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TMI Blog2018 (12) TMI 1220X X X X Extracts X X X X X X X X Extracts X X X X ..... d without filing a counter affidavit and hearing an elaborate arguments on either side for and against the reasons set out for re-opening the assessment. 2. Heard Mr.R.V.Eswar, learned Senior Counsel appearing for the petitioner and Mrs.Hema Muralikrishnan, learned standing counsel who takes notice for the respondent. 3. The petitioner is an Assessee. In respect of the assessment year 2013-2014, a scrutiny assessment order was passed on 27.03.2016 under Section 143(3) of the Income Tax Act, 1961. Thereafter, the Assessing Officer issued a notice dated 17.01.2018 under Section 148 of the IT Act, 1961, by stating that he has reasons to believe that the income of the Assessee chargeable to tax for the assessment year 2013-2014, has escaped a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , apart from raising other objections, the Assessee informed the Assessing Officer that the provisions of Section 50C does not arise in this case, since the lands sold by the Assessee have been held as a business income and the gains on the sale has been shown under the head profits and gains from the business. Apart from raising such objections, the petitioner has also dealt with in detail as to why the re-opening is not justifiable. The Assessing Officer, thereafter, passed the order dated 22.11.2018, rejecting the objections raised by the petitioner. Hence, the present writ petition is filed before this Court. 4. The learned Senior Counsel for the petitioner after inviting this Court's attention to the original return filed and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the respondents, the Assessing Officer while rejecting the objections raised against the re-opening, has only referred to the objection dated 18.11.2018 and not the objection dated 19.11.2018, wherein, the Assessee has specifically raised the question with regard to the applicability of Section 50C of the IT Act, 1961. Perusal of the impugned order further indicates that the Assessing Officer except extracting some case laws and making his general observation on the power under Section 147, has not adverted to any of the contentions raised by the petitioner in their objection against the reasons for re-opening, more particularly, with regard to the applicability of Section 50C of the IT Act, 1961 to the facts and circumstances of the presen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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