TaxTMI 
TaxTMI 
2019 (1) TMI 801
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....land. For the assessment year 2011-12, the petitioner had filed return of income declaring income of Rs. 7.16 crores (rounded off). The petitioner filed a revised return on 21st February, 2013 revising to total income to Rs. 5.60 crores (rounded off). The return of the petitioner was taken in scrutiny. The Assessing Officer passed order under Section 143(3) of the Income Tax Act, 1961 ("the Act" for short) on 31st January, 2014 accepting the petitioner's returned income. To reopen such completed assessment, the Assessing Officer issued the impugned notice. In order to do so, he had recorded following reasons: "The assessee M/s Giriraj Enterprises having PAN AAAFG5294L, Address: Govardhan Nagar, Boraspada Road, Poisar, Kandivali (West),....
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....IT (I & CI) Unit 1(2), Mumbai then transferred the entire correspondence to this office for necessary action. Record of the assessee was checked and it is found that assessee is a builder. So to verify the intelligence report gathered by the Intelligence and Criminal Investigation, it is necessary to through enquired the details. In the light of above mentioned facts, I have reason to believe that assessee has escaped assessment within the meaning of section of 147 of the Income Tax Act, 1961 as assessee has taken up a Redevelopment Projects for which purpose assessee has obtained a LOI (Letter of intent from SRA (Slum Rehabilitation Authority). In view of the above sanction u/s 151(1) of the Income Tax Act, 1961, is solicited for issua....
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.... he has also raised queries with the assessee. Full facts can be brought on record only during assessment proceedings which the Assessing Officer should be permitted to carry out. 6. For multiple reasons, we do not find that the Assessing Officer is justified in reopening the assessment. Firstly, as noted the notice of reopening of assessment has been issued beyond the period of four years from the end of relevant assessment year. The additional requirement as per the proviso of Section 147 of the Act that escapement of income should be on account of failure on part of the assessee to disclose truly and fully all material facts, would be applicable. In the present case, from the reasons recorded, we do not find that such requirement was fu....