TMI Blog2021 (4) TMI 1227X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Department for reopening of the assessment. The manner in which the sale deed was valued by the assessee and the stamp duty paid at the time of registration as well as the appeal filed under Section 47A of the Indian Stamp Act and the actual market value prevailing during the relevant point of time with reference to the subject property, provides new information and an additional material, which were not considered by the Assessing Officer at the time of original assessment. Thus, the said factors would be new material for the purpose of reopening of assessment. Thus, the reopening of the assessment by the Assessing Officer is in consonance with the provisions of Section 147 and no further inference is required from the hands of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e petitioner solicited the attention of this Court with reference to return of income filed by the petitioner for the assessment year 2013-14 and the consequential assessment order passed by the Assessing Officer after considering all the facts and circumstances. Pertinently, the learned counsel appearing for the petitioner referred the income by way of capital gains with reference to sale of Perungudi Property. The details are provided at the time of original assessment itself. The facts and figures are not disputed by the Assessment Officer while scrutinizing. This apart, the capital gains tax was also given in the Notes to the Financial Statements and the said portion reads as under: During the year, the Company sold certain immovabl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f ₹ 20,66,25,775 is considered for computing capital gains on sale of land. The Asset register for purchase of the land is enclosed as Annexure 8 to this submission. 6 . Further, the petitioner has provided the details regarding the sale of fixed asset. Considering all such facts and circumstances as well as the clarifications and additional details provided by the petitioner/assessee, the Assessing Officer passed the final order of assessment under Section 143(3) read with 92CA of the Income Tax Act on 19.12.2016. The original order of assessment passed by the Assessing Officer is self-contained which would speak that the petitioner/assessee had furnished all the details and informations as well as the documents which are all re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther initiation based on some materials would be nothing but change of opinion and not the reason to believe. 9. The learned counsel appearing for the respondent disputed the contention raised on behalf of the petitioner in entirety by stating that it is not change of opinion as pleaded by the petitioner. There are materials and informations made available for reopening of the assessment. The learned Senior Standing Counsel made a submission that the fact regarding the appeal filed by the purchaser of the property from the petitioner under Section 47A of the Indian Stamp Act regarding the payment of stamp duty has not been informed to the Department. This apart, the sale deed which is necessary was also not produced to remove the duty in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Indexed cost of acquisition 2,03,74,245/- Long Term Capital Gain to be assessed 75,69,88,005/- LTCG Offered by assessee 18,62,51,530/- Difference in LTCG 57,07,36,475/- 10. In view of difference in LTCG amounting to ₹ 57,07,36,475/-, the Assessing Officer reopened the assessment as there is a reason to believe that the income chargeable to tax has escaped assessment. 11. This Court is of the considered opinion that the sale consideration shown by the assesee in the return of income for the assessment year 2013- 14 is not disputed. The document regis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the considered opinion that the petitioner has to prefer an appeal under Section 246A of the Act. 13. When an appellate remedy is provided in respect of the final order of the assessment passed by the Competent Authority, the assessee must exhaust the said appellate remedy. Therefore, the petitioner is at liberty to approach the Appellate Authority under Section 246A of the Act in respect of final assessment order passed by the Assessing Officer in impugned proceedings dated 19.11.2018, as far as W.P.No.33943 of 2018 is concerned. 14. In respect of W.P.No.30450 of 2018 is concerned, this Court has elaborately considered the ground for reopening of assessment under Section 147 of the Act. Therefore, the said ground is not made avail ..... X X X X Extracts X X X X X X X X Extracts X X X X
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