2021 (8) TMI 884

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....after receipt of the impugned notice the petitioner sought for the reasons for issuance thereof by his letter dated 04.06.2019; in pursuance thereof, the Assistant Commissioner of Income Tax by a communication dated 11.06.2019 furnished to the petitioner the reasons for reopening of assessment proceedings for the Assessment Year 2016-2017. Paragraphs 6 to 8 of the communication dated 11.06.2019 read as follows:   '6. Basis of forming reason to believe and details of escapement of income: As per the submission, the assessee sold a property vide sale deed on 24.07.2015 for sale consideration of Rs. 9,75,00,000 and offered only Rs. 4,38,33,261 to tax as capital gain and hence there is Low capital gain with respect to sale consider....

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....reof, no steps could be taken by the respondents pursuant to the impugned notice.   4. The writ petition has been listed today after exchange of pleadings.   5. We have heard Mr. Kapil Kerkar, learned advocate for the petitioner and Ms. Amira Razaq, learned Standing Counsel for the respondents at some length. 6. We do not appreciate the attempt of the petitioner to have the notice under Section 148 of the Act interdicted by presenting this writ petition on the same day of lodging of objection to the notice by submitting a detailed reply. Obviously, the objection was intended to persuade the Assistant Commissioner to revoke the impugned notice. On the contrary, if indeed the petitioner perceived that there was no justification f....

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.... a writ petition in which a similar notice under Section 148 of the Act was under challenge by observing that the noticee ought to lodge objection to issuance of notice, after receiving the reasons for reopening of assessment, and that the Assessing Officer would be bound to dispose of the same by passing a speaking order before proceeding with the assessment. In Rajesh Jhaveri Stock Brokers (P.) Ltd (supra), the Supreme Court analysed the provisions of Section 147 of the Act and observed that if the condition precedent for invocation of powers under Section 147 read with Section 148 to 152 of the Act is present, i.e., there is prima facie finding that income assessable to tax has escaped notice, it would be open to the assessing officer t....