2019 (9) TMI 1534

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.... assessment year under appeal. ITO, Ward 2(3), Noida issued a letter requiring to verify the financial transaction. However, no plausible explanation was furnished by the assessee. As per information provided by Sub Registrar the assessee had sold Plot no. 230, Block-B, Sector- 71, Noida for Rs. 75,21,000/-, value for stamp purposes Rs. 78,51,000/- on 06.03.2010. The AO initiated reassessment proceedings u/s 147 of the Act to assess the income of the assessee in this regard which escaped assessment. The assessee filed a letter stating therein that return filed originally may be treated as return filed in response to notice u/s 148 of the Act. The AO noted that on change of incumbent the proceedings have been continued from the stage as p....

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....-11 has escaped assessment. In view of above facts, on the basis of information in my possession, I have reason to believe that the income under head capital gain arises on of Rs. 78,51,000/- chargeable to tax has escaped assessment within the meaning of section 147 of the I.T. Act, 1961." Dated: 10.03.2017 Sd/- (R.K. SHARMA) Income Tax Officer, ITO, Ward 2(3), Noida 4. He has submitted that these reasons are recorded by ITO, Ward 2(3), Noida and thereafter, he has written a letter dated 07.09.2017 PB 10 to the Assessing Officer (ITO, Ward 2(1), Faridabad) stating therein that the notice u/s 148 of the Act was issued on 30.03.2017. As per acknowledgement of return for assessment year ....

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....08.2019 Ld. DR was directly to intimate, if any, other reasons u/s 148 have been recorded by ITO, Ward 2(1), Faridabad. Ld. DR produced the assessment record and submitted that no separate reasons u/s 148 have been recorded by ITO, Ward 2(1), Faridabad. Ld. DR, however, submitted that AO was having jurisdiction to proceed with the matter on transfer of the case from ITO, Noida. 6. I have considered the rival submissions. It is not in dispute that reasons for reopening of the assessment have been recorded in this case by ITO, Ward 2(3), Noida, who was having no jurisdiction over the case of the assessee. When assessee filed letter before ITO, Ward 2(3), Noida on 07.09.2017 stating therein that return filed originally may be treated as ret....