TaxTMI 
TaxTMI 
2023 (5) TMI 279
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....1 proposing to reassess the income for the assessment year ('AY') 2015-16 and the order dated 16th March 2022, rejecting the objections raised by Petitioner to the proposed action of reopening. 2. The reasons for opening are as under: "1. Brief details of the assessee- The assessee filed its return of income on 30.09.2015 for A.Y. 2015-16 declaring income at Rs. 11,59,34,180/- and the same was assessed u/s 143(3) on 19/12/2017 determining total income at Rs.12,07,27,060/-. 2. Brief details of information received by the AO- On perusal of assessment records it was observed that assessee sold office premises i.e., 302, 3rd Floor, building no.19, A-Wing, Pinnacle corporate Pane, BKC, Bandra East, Mumbai-400051 for a consideration of Rs.1....
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.... submitted that he had received Rs.20,50,00,000/- as an advance from the assessee and the property was sold in A.Y. 2016-17. Thus, the impugned transaction reached finality on 04.04.2015 and not as on 31.03.2015 as the same property could not be shown as an asset in the balance sheet of the vendor as well as the assessee as on 31.03.2015. Therefore, it is not correct on the part of the assessee to show the new property purchased in the balance sheet as on 31.03.2015. Since the property was not in the possession of the assessee as on 31.03.2015, in the assessment order the amount of profit on sale of the property should be taxed as Short-Term Capital Gain. 4. Basic of forming reason to believe and details of escapement of income- In vi....
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....i) Genuineness of business promotion expenses." 4. An examination and comparison of the reasons recorded in notice dated 19th March 2021 and the order dated 11th January 2022 of the ITAT indicates that they are the same only put in different words. The examination of the records indicates that the objections to the notice were filed on 10th January 2022 i.e., a day prior to the order of the ITAT on 11th January 2022 and consequently it only contained an averment that the Appeal was pending. The ruling on objections rejecting them, by the impugned order dated 16th March 2022 does not consider the ITAT order in favour of the Petitioner. 5. The criteria for reopening of assessment after a period of four years are no longer res integra in vi....