TaxTMI 
TaxTMI 
2021 (4) TMI 1227
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....l as the order of disposal of the objections for reopening of the assessment issued by the Authority in proceedings dated 18.09.2018 are under challenge. 2. The writ petition in W.P.No.33943 of 2018 is filed challenging the assessment order dated 19.11.2018 passed pursuant to the reopening of the assessment initiated under Section 147 of the Act. 3. The petitioner is a listed Company incorporated on 13.03.1957 and is engaged in the business of manufacturing of heavy electrical equipment and executes projects involving transmission and distribution of power and other turnkey projects. 4. The learned counsel appearing for the petitioner, with reference to the issues, contended that the initiation of proceedings under Section 147 of t....
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....s also obtained a valuation report from a professional valuer for the subject properties and the same is comparable with the actual sale consideration. 5. Based on the informations as well as the details provided by the petitioner, the Assessing Officer issued a question seeking certain clarification. The petitioner, in detail, furnished all the informations as well as the clarification sought for by the Assessing Officer in letter dated 26.10.2016. In the said letter, the petitioner has categorically stated with reference to the details and documents relating to Purchase and Sale of Perungudi land which reads as under: 28.Details and documents relating to Purchase and Sale of Perungudi land:- The sale deed for the sale....
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.... the Assessing Officer in the original assessment order. A specific finding was given. Thus, the very initiation of proceedings under Section 147 of the Act is without jurisdiction and untenable. The element of reason to believe contemplated under the provision is missing. Thus, the entire exercise is to be construed as non-est in law. 8. Regarding the principles to be followed with reference to Section 147, the learned counsel appearing for the petitioner reiterated that only if there is a reason to believe as established by the Department, then alone, the proceedings under Section 147 can be sustained and not otherwise. Mere suspicion is insufficient to institute the reopening proceedings under Section 147 of the Act. The suspicion, if....
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....building comprised in three documents. It is evident from the Notes to the Financial Statements (48 Capital Gains Tax), wherein it is stated that "the Registering Authority has not accepted the value as per the sale deed and is in the process of fixing the appropriate value for these properties for the purpose of stamp duty. Hence, it is evident that the property is undervalued". The details regarding undervaluation of the documents registered are also considered by the Authority. Further, the order speaks that as per Section 50C of the Income Tax Act, the value of the land would be Rs. 77,73,62,250/-. However, the assessee had shown sale consideration of the land as Rs. 20,66,25,775/- only. If this is considered, the Long Term Captial Gain....
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....an additional material, which were not considered by the Assessing Officer at the time of original assessment. Thus, the said factors would be new material for the purpose of reopening of assessment. Thus, the reopening of the assessment by the Assessing Officer is in consonance with the provisions of Section 147 and no further inference is required from the hands of this Court. 12. Though all these grounds raised in W.P.No.30450 of 2018 challenging the notice issued under Section 148 of the Act as well as the disposal of objections raised by the assessee for reopening of assessment, the Department had proceeded further and passed assessment order under Section 143(3) read with 147 of the Income Tax Act in proceedings dated 19.11.2018. A....