TMI Blog2023 (3) TMI 417X X X X Extracts X X X X X X X X Extracts X X X X ..... ning the assessment or the valuation of escaped assessment is less than Rs.50 Lakhs which dis-entitles reopening of the assessment after the prescribed statutory period. It would be difficult for us to render our findings regarding correctness or otherwise of the grounds shown in the show-cause notice. If the Authorized Officer has formed the opinion that income tax has escaped and reassessment is necessary, if he has formed the opinion that the valuation of escaped assessment is more than Rs.50 Lakhs based on some material and has also recorded reasons, it is for the petitioner/assessee to establish that the view taken by the Authorized Officer is contrary to the material on record or it is perverse. When the challenge to the show-cause ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed Senior Advocate Mr. Sajiv B. Deshpande appearing for the petitioner would submit that petitioner/society entered into the settlement deed in respect of land situated in Survey No.91, CTS Nos.17851, 17857, 17858, 17859, 17860 and 17849/5, which has been duly approved by the Superintendent of Land Records, Aurangabad under its order dated 18th May, 2015. All the aforesaid plots are kept intact as per measurement plan No.306/2008. This area of Survey No.91 is deducted from CTS No.17849/5. It is ordered that some portion of layout in Survey No.91 is actually part of CTS No.17849/5 owned by Mr. Ranjit Darak. The settlement deed has been arrived with an intention to correct the mistake caused while sanctioning the layout. The petitioner/soc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lleged transaction was less than Rs.50 Lakhs. Therefore, the proceeding under Section 148 of the Act could not have been initiated after six years. 5. Per contra, learned Advocate Mr. Alok Sharma for respondent nos.1 2/Revenue would submit that the disputed question of facts cannot be gone into in exercise of writ jurisdiction under Article 226 of the Constitution of India. The petitioner was served with the notice under Section 148 of the Act regarding the escaped assessment. The petitioner was called upon to furnish his reply. The said notice was served upon the petitioner and a reply was filed to the said show-cause notice. The Assessment Officer has also recorded reasons. The sale consideration of the sold property is taken as per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns and considered the documents relied upon by the parties. The petitioner is challenging the show-cause notice issued under Section 148 of the Act. The bone of contention of the petitioner is that the provisions of reopening under the Act have undergone an amendment by the Finance Act, 2021. The preconditions for issue of notice under Section 148 of the Act must be satisfied before issuance of such notice. The impugned show-cause notice dated 29th July, 2022 is in respect of alleged escaped assessment for the assessment year 2015-2016. In view of the amended provisions of the Act, the reassessment would not be permissible after expiry of six years particularly, when escaped assessment amount is less than Rs.50 Lakhs. The impugned notice is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... consistent with the provisions of the enactment. 10. In this case, prima facie, there is some material on the basis of which a notice for reopening of escaped assessment has been issued. It would be for the petitioner/assessee to show that there are no reasons for reopening the assessment or the valuation of escaped assessment is less than Rs.50 Lakhs which dis-entitles reopening of the assessment after the prescribed statutory period. It would be difficult for us to render our findings regarding correctness or otherwise of the grounds shown in the show-cause notice. If the Authorized Officer has formed the opinion that income tax has escaped and reassessment is necessary, if he has formed the opinion that the valuation of escaped assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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