9911796707
TMI Blog2019 (9) TMI 198X X X X Extracts X X X X X X X X Extracts X X X X ..... P.C. : This petition under Article 226 of the Constitution challenges a notice dated 15 March 2019 issued under section 148 of the Income Tax Act, 1961 (Act). The impugned notice dated 15 March 2019 seeks to reopen the assessment for the assessment year 2017-18. 2. The reasons recorded in support of the impugned notice as communicated to the petitioner read as under: "Reasons for reopening th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ements whereas the market value of the land was Rs. 1,32,46,000/-. The enquiries made during the course of assessment proceeding for A.Y. 2015-16 by obtaining the sale instances of the same area it is noticed the prevailing market value of the property is Rs. 1,32,46,000/-. In view of these facts the market value of the property i.e. Rs. 1,32,46,000/- was taken as cost of the land as against Rs. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome for the subject assessment year 2017-18. The return of income was processed by an intimation under section 143(1) of the Act. Thereafter as recorded in the reasons in support of the impugned notice, for the earlier assessment year 2015-16, the Assessing Officer in the assessment order under section 143(3) of the Act had held that the cost of land had been inflated to Rs. 25 crore when, in fact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asis for issuing reopening notice. In the facts of the present case, the assessment for the subject assessment year was by virtue of intimation under section 143(1) of the Act. Therefore the Assessing Officer had no occasion to examine the claim of the Petitioner. It is on the basis of tangible information now received that the impugned reopening notice has been issued, as is evident from the rea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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