TaxTMI 
TaxTMI 
2017 (3) TMI 897
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....n 31.3.2011 for Assessment Year 2009-10 under Section 143(3) of the Act. On the aforesaid facts the proviso to Section 147 of the Act is clearly applicable. Thus, the Assessing Officer can issue a notice for reopening the assessment only if there is a failure on the part of the assessee to fully and truly disclose all facts necessary for assessment. 4. The reasons in support of the impugned notice are twofold :- (a) The development rights held by it in its earlier avatar of firm M/s. Shivalik Ventures was its stock in trade and on its conversion into a private limited company under of the Companies Act is now shown as its capital asset; and (b) The information received by the Assessing Officer which was verified from the website of Reg....
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....at it was not appropriately disclosed in the return of income filed by the petitioner in its avatar as a firm. However, we find this very issue was subject of inquiry during the regular assessment proceedings and the Assessing Officer was satisfied that the land admeasuring 61,506 sq. mtrs. is a capital asset in the hands of the petitioner while passing an assessment order dated 31.3.2011 for the subject assessment year under Section 143(3) of the Act. Thus prima facie the aforesaid ground would not justify the impugned notice as it is a case of change of opinion. In any case, prima facie there is no failure to disclose fully and truly all material facts necessary for assessment. 6. So far as the second ground is concerned, we note that th....
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.... by M/s. SVI Realtors (P) Ltd. in respect to the Annual General Meeting held on 26.4.2008 i.e. the year to which the impugned notice relates. This annual report correctly records the transfer of its share in favour of the petitioners as having taken place on 10.4.2008. Further, it is to be noted that the annual return filed by M/s. SVI Realtors (P) Ltd. appears to contain incorrect dates in respect of Annual General Meeting held on 24.7.2009 contained dates as "4.10.2008" whereas in fact it had to be "10.4.2008". The share transfer forms also corroborate the fact that the transfer of shares did take place in April, 2008 and could not have been valid for transfer in October, 2008. 9. Therefore, in the above circumstances though one cannot d....