2021 (11) TMI 813

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.... Respondents P. C. : Petitioner is challenging the notice dated 29/3/2019 issued under Section 148 of the Income Tax Act, 1961 (the Act) by which petitioner was informed by respondent that they have reasons to believe that petitioner's income chargeable to tax for Assessment year 2013-2014 has escaped assessment within the meaning of Section 141 of the Act Subsequently, reasons for reopening....

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....s clear that the assessee has shown less turnover on sale of flats, the actual turnover is Rs. 59.37,51,564/- however the assessee shown as Rs. 15,21,62,314/-. Hence, it is a clear case of escapement of income to the tune of Rs. 44,15,89,250/- as the assessee has sold flats and the assessee and it is not reflected in the turnover. 5. In view of the above, the provisions of clause (b) of E....

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....13-14 within the meaning of section 147 of the Income-Tax Act, 1961." 4. Mr. Jain is correct in saying that before the assessment was completed and assessment order was passed on 12/3/2016 the Assessing Officer had raised queries regarding the sale of flats amounting to Rs. 59,37,51,564/- and petitioner had provided explanation and documents. The Assessing Officer had considered the same and ap....

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....was passed. Date given as 12/3/2016 in the reasons, Shri Jain says appears to be erroneous. 6. In the circumstances, we are satisfied that this is nothing but change of opinion and using the words "I have reason to believe that income chargeable to tax.... By reason of the failure on the part of the assessee to disclose fully and truly all material facts............." in the reason for reopenin....