TaxTMI 
TaxTMI 
2018 (5) TMI 592
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....r 2010-11. 2. The petitioner has also prayed for quashing of the order dated 28th November, 2017, by which objections raised by the petitioner against initiation of re-assessment proceedings for the Assessment Year 2010-11 have been dismissed. 3. Return filed by the petitioner on 5th October, 2010 for the Assessment Year 2010-11, declaring 'Nil' income was taken up for scrutiny assessment for the following reasons recorded by the Assessing Officer:- "In the case assesee has declared Nil income. Gross receipt has been declared at Nil. Company has shown closing stock at Nil. As per e-filed return, assessee has shown Securities (sic. Shares) Premium Account of Rs. 1,56,00,000/- against Nil shown in immediate preceding year, ther....
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....ongwith confirmed copy of account, asstt. particulars, copy of bank statement of the parties: SI.No. Name of the person/Party from whom received Opening Balance Recd. during the year Paid during the year Closing Balance Mode of receipt/payment 15. Complete details of share premium received, if any during F.Y. 2009-10 with names and addresses of the investors, copy of bank statements, I.T. particulars and other documentary evidences to substantiate the premium received. Also furnish the basis and determination of the value of such premium on shares. 16. Details of shares issued, subscribed and paid during the F.Y. 2009-10 with names and addresses....
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....he writ petition. The petitioner relies on letter dated 10th December, 2012, written by the Chartered Accountant of the petitioner to the Assessing Officer enclosing documents in support of the acquisition of land from NOIDA Authority. The petitioner, in this connection, has in our opinion rightly referred to the order sheet dated 10th December, 2012, which records that the petitioner had filed details and date of taking possession of the farm house. The aforesaid submission of the petitioner gets further affirmation from the earlier order sheet dated 23rd November, 2012, which records that the petitioner would furnish details of advance against the property with documentary evidence. 7. The original file produced before us by the respon....
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....ome Tax (Inv.), Unit-3(1) on 15th March, 2017 to the effect that the petitioner had purchased a plot for development of a farm house from NOIDA Authority during the current assessment year for Rs. 6,63,40,000/-, out of which Rs. 1,32,68,000/- had been paid during the current year. The Assessing Officer has referred to the said information and also given details on analysis of the lease deed executed between the petitioner and the NOIDA Authority. Relevant portion of the reasons to believe for re-opening read:- "7 Information in this case has been received from Dy. Director of Income-Tax (Inv) Unit-3(1), New Delh on 15.03.2017. The officer submitted that the assessee has purchased a plot for development of farm house from New Okhla Indust....
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....t time. The analysis of lease deed obviously was something which could have been undertaken once the lease deed was submitted. Re-opening was entirely predicated and based on the factum that the petitioner had purchased the property from NOIDA Authority, a factum known and considered by the Assessing Officer in the proceedings culminating the assessment order dated 25th February, 2013. 11. For detailed reasons recorded above, we have accepted that transaction for purchase of the farm house from NOIDA Authority and copy of lease deed was furnished to the Assessing Officer in the first round of assessment. The Assessing Officer was also aware that in the subsequent assessment year the said farm house was sold to a third party. The amount o....