9911796707
TMI Blog2024 (2) TMI 343X X X X Extracts X X X X X X X X Extracts X X X X ..... 2- 23/1051790572(1) passed by the first respondent under section 148A(d) of the Income Tax Act, 1961, disposing of the petitioner's objection against reopening of the assessment pursuant to the notice dated 31.03.2023 issued under section 148 of the Income Tax Act, 1961 (hereinafter referred to as the IT Act), dated 28.02.2023. 2. Relevant portion of the impugned order dated 31.03.2023 reads as under: "In this case, (I) the total income escaping assessment is Rs. 64,00,000/- (purchase of the property is more than Rs. 50 lakhs) (ii) the income escaping assessment is in the form of asset as per explanation to section 149(1)(b); and (iii) 10 years have not been lapsed for reopening the assessment. Therefore, all the conditions laid down ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 2014 before the Additional District and Sessions Court, Coimbatore. for specific performance. 4. It is the further the case of the petitioner that the suit was filed on 20.08.2014 by which time, the petitioner had paid a sum of Rs. 14,00,000/- on various dates. Thus, in all, the petitioner has paid a sum of Rs. 39,00,000/- prior to the institution of the suit in O.S.No.436 of 2014. 5. The suit was decreed by the Trial Court on 16.10.2014 and since the Judgment debtor failed to execute the Sale Deed, the petitioner filed Execution Petition, pursuant to which, the Sale Deed was executed by the Execution Court in favour of the petitioner on 23.09.2015. Thus, the petitioner deposited the balance sale consideration of Rs. 1,00,000/- before t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is submitted that there is no final determination in the impugned order, all that has happened is in order under Section 148A(b) passed on 31.03.2023, 12. It is still open for the petitioner to convince the officer that the assessment need not been completed in the proposed manner. It is further submitted that the petitioner has also not filed returns for the Assessment Year 2016-2017. Hence, there is no error in the Impugned Order. 13. It is submitted that the notice issued under Section 148 of the Income Tax Act 1961 dated 31/03/2023 after due cognizance and consideration of the responses filed by the assessee as was warranted as the petitioner has not filed his Income Tax Returns for the Assessment Year 2016-17 after acquiring the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee as he has neither registered the sale agreement and has paid Rs. 25 lakhs in cash vide Page.2 of Sale Agreement dated 11/04/2012 as submitted by the assessee, it is not taken into consideration as the proviso was inserted by the Finance Act 2016, and effects from 01.04.2017. 18. Hence, it is submitted that the date of transfer viz. 23.09.2015 has been taken for invoking the provisions u/s 50C and 56 (2) (vii)(b) read with second proviso of the Income Tax Act prevalent on 01.04.2017. 19. It is therefore submitted that the escapement of income as per Section 50C of the Income Tax Act, 1961 read with second proviso is more than 50 lakhs and that the Assessing Officer was well within the ambit of law while he exercised the jurisdictiona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ission was made by the petitioner on merits on the strength of proviso to Section 50(C) of the Income Tax Act, 1961, the fact remains that the petitioner had not filed the regular return under Section 139 of the Income Tax Act, 1961 for the assessment year 2016-17. 24. Whether the petitioner is entitled to the relief based on the points raised before this Court is capable of being decided by the Assessing Officer, as admittedly no regular Returns of Income was filed by the petitioner. 25. Even, if the petitioner may have a case for dropping of the proposed proceedings, I am of the view it is better for the petitioner to file a proper reply to the notice issued under Section 148 of the Income Tax Act, 1961 as there is no previous history o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
