TMI Blog2019 (1) TMI 801X X X X Extracts X X X X X X X X Extracts X X X X ..... at it is a builder and therefore, to verify the intelligence gathered by Intelligence Wing, it is necessary to carry out thorough and detailed inquiry. Very clearly thus by his own account the Assessing Officer wishes to carry out a fishing inquiry. Reopening of assessment cannot be permitted for carrying out fishing inquiries. AO is proceeding on completely wrong premise. Perusal of the reasons recorded show that he has some prima facie objections to the assessee having developed Ganesh Krupa Housing Society land which according to information received by him did not contain any agreement. When the assessee repeatedly pointed out to the AO before and even after issuing of notice for reopening that he had neither developed any such proje ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come. To reopen such completed assessment, the Assessing Officer issued the impugned notice. In order to do so, he had recorded following reasons: The assessee M/s Giriraj Enterprises having PAN AAAFG5294L, Address: Govardhan Nagar, Boraspada Road, Poisar, Kandivali (West), Mumbai-400067 pertains to the charge of ACIT33( 1), Mumbai. The assessee M/s. Giriraj Enterprises has filed the return of income for A.Y.2011+12 declaring total income of ₹ 5,60,99,611/. The nature of business activity of the assessee is Builder Developer. An Information has been received from the Deputy Director of Income Tax, (I CI), Mumbai vide letter No.DDIT (I CI), Unit2( 1)/SRA/201617 dated 05.05.2017 received in this office on 17/05/2017. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the meaning of section of 147 of the Income Tax Act, 1961 as assessee has taken up a Redevelopment Projects for which purpose assessee has obtained a LOI (Letter of intent from SRA (Slum Rehabilitation Authority). In view of the above sanction u/s 151(1) of the Income Tax Act, 1961, is solicited for issuance of notice u/s 148 of the I.T.Act, from the Pr. CIT33, Mumbai as period of more than four years have lapsed from the end of the relevant assessment year. 3. Upon being supplied the reasons, the petitioner raised objections to the reopening of assessment on 17th July, 2018. Such objections, however, were rejected by Assessing Officer by order dated 14th August, 2018 upon which the present petition has been filed. 4. Appearing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year. The additional requirement as per the proviso of Section 147 of the Act that escapement of income should be on account of failure on part of the assessee to disclose truly and fully all material facts, would be applicable. In the present case, from the reasons recorded, we do not find that such requirement was fulfilled. Further, in the reasons itself the Assessing Officer has stated that the record of the assessee was checked and it was found that it is a builder and therefore, to verify the intelligence gathered by Intelligence Wing, it is necessary to carry out thorough and detailed inquiry. Very clearly thus by his own account the Assessing Officer wishes to carry out a fishing inquiry. It is well settled through series of judgmen ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
