2017 (7) TMI 462

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....come. The Assessing Officer had recorded reasons for issuing the notice which reads as under: "Return of income for A.Y. 2012-13 is not filed by the assessee. During the course of assessment proceeding of A.Y. 2012-13 of one of the copartner Shri MaheshKumar Ishwarlal Bhojani, it is found that the assessee too have received sale consideration of Rs. 1,68,90,617/from the sale of immovable property. The assessee has sold residential property inclusive of N.A. Plot of land admeasuring 1188.12 sq.mtr. And building constructed thereon admeasuring 329.85 sq.mtr. Situated at SubPlot No.14, F.P. No.39/1, 39/3 and 43, T.P. No.214, Survey No.476/1, 476/2, 477, 478/1, 479, 481, 482/2, 480/1, 482/1 in joint ownership. On veri....

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....that the stamp valuation authority had adopted the value of the property higher than what was indicated in the sale deed. 3. From the reasons recorded, it further emerges that in case of Mahesh Ishwarlal Bhojani, coowner of the same property for the assessment year 2012-13, the sale value of the property was assessed at Rs. 3.37 crores (rounded off). According to the Assessing Officer, in the reasons recorded therefore the petitioner's share of such sale consideration comes to Rs. 1.68 crores (rounded off). He was therefore of the opinion that income of Rs. 1.68 crores chargeable to tax had escaped assessment in case of the petitioner. 4. As noted, in the present case, the petitioner had not filed the return of income at all. The ....