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TMI Blog2024 (9) TMI 1670X X X X Extracts X X X X X X X X Extracts X X X X ..... ith Section 148 of the Income Tax Act, 1961 and notice dated 04.08.2015 issued under Section 143(2) of the Income Tax Act, 1961. 2) The case of the writ petitioner is that the petitioner is an assessee with the Income Tax Department and he filed Income Tax Return for the assessment year 2008-2009 on 31.03.2009 declaring interest income of Rs.2,09,636/- and income from agriculture of Rs.95,563/- showing no income under the head 'Capital Gain'. Subsequently, he realised bona fide mistake in the return with regard to capital gain and he filed an amended return disclosing the capital gains of Rs.33,52,753 claiming deduction of Rs.2,50,000/- under Section 54-F of the Income Tax Act, 1961 (herein after referred to as 'the Act') in the course of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the notice dated 26.03.2015, the assesee filed the objections, which were not properly considered and such objections were rejected vide order 26.06.2015. Subsequently, further representation dated 06.07.2015 was made to the Assessing Officer bringing to the notice of improper consideration of the questions raised by the assessee in the first objections. Such representation was also rejected vide order dated 04.08.2015. Consequently, further notice dated 04.08.2015 was issued under Section 143(2) of the Act. Challenging the said notice dt. 04.08.2015 as well as notice dt. 26.03.2015, the present writ petition has been filed. 6) The main grounds raised in the present writ petition is that the notice issued under Section 147 read with 148 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etition. 8) In the background of the above contention, it is apt to refer to Section 147 of the Income Tax Act, 1961, which reads as follows:- "Income escaping assessment. 147. If any income chargeable to tax, in the case of an assessee, has escaped assessment for any assessment year, the Assessing Officer may, subject to the provisions of sections 148 to 153, assess or reassess such income or recompute the loss or the depreciation allowance or any other allowance or deduction for such assessment year (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year). Provided that where an assessment under sub-section (3) of section 143 or the section has been made for the relevant assessment year, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... truly all material facts necessary for assessment of the relevant assessment year. 10) The facts in the present case disclose that in the initial return filed by the assessee, there was no mention of acquisition of capital gains. However, in the same assessment proceedings for the relevant assessment year, a revised return has been filed showing the capital gains of Rs.33,52,753/ and Rs.2,50,000/- was claimed to be utilized under Section 54F of the Act so also Rs.34,00,000/- was deposited in the FDR under the capital gains scheme. Such a capital gains was received by way of compensation of Rs.37,75,099/- in an acquisition proceedings. In response to such original return and amended return, assessment order was passed on 07.12.2010 with the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of noticing the non-drawing of the FDR under the capital gains scheme with the nationalized bank. It is the case of the assessee that initially, FDR was obtained in a regular format with a bona fide mistake not under the capital gains scheme. Subsequently, on realisation of mistake, he has rightly obtained the FDR under the capital gains scheme and the same was a foundation for consideration in the assessment proceedings. In fact, the Assessing Officer for the relevant assessment year has obtained the clarification from the bank and found that assessment was not utilized on account of capital gains scheme. There was improper utilization within the permitted period. Therefore, liability was fixed only for the assessment year 2011- 2012. Acco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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