2019 (9) TMI 198

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....tish Chatterjee for the Respondent. P.C. : This petition under Article 226 of the Constitution challenges a notice dated 15 March 2019 issued under section 148 of the Income Tax Act, 1961 (Act). The impugned notice dated 15 March 2019 seeks to reopen the assessment for the assessment year 2017-18. 2. The reasons recorded in support of the impugned notice as communicated to the petitioner ....

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.... has escalated the land cost to Rs. 25 crores through sham agreements whereas the market value of the land was Rs. 1,32,46,000/-. The enquiries made during the course of assessment proceeding for A.Y. 2015-16 by obtaining the sale instances of the same area it is noticed the prevailing market value of the property is Rs. 1,32,46,000/-. In view of these facts the market value of the property i.e. R....

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....T.Act." 3. On 1 November 2017, the petitioner filed its return of income for the subject assessment year 2017-18. The return of income was processed by an intimation under section 143(1) of the Act. Thereafter as recorded in the reasons in support of the impugned notice, for the earlier assessment year 2015-16, the Assessing Officer in the assessment order under section 143(3) of the Act had he....

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....nt year under section 143(3) of the Act. Such information can form a valid basis for issuing reopening notice. In the facts of the present case, the assessment for the subject assessment year was by virtue of intimation under section 143(1) of the Act. Therefore the Assessing Officer had no occasion to examine the claim of the Petitioner. It is on the basis of tangible information now received ....