2023 (9) TMI 262

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Dev Patel for the respondent no. 1. 2. Issue Rule returnable forthwith. Learned Senior Standing Counsel Mr. Varun K. Patel waives service of notice of rule on behalf of respondent no. 1. Having regard to the controversy in narrow compass, with the consent of learned advocates appearing for the respective parties, the matter is taken up for final hearing. 3. By this petition under Article 226 of the Constitution of India the petitioner has challenged notice dated 31.03.2019 issued by the respondent under Section 148 of the Income Tax Act, 1961 (for short "the Act") for the assessment year 2012-13 proposing to reopen the assessment. 4. The brief facts of the case are that the petitioner is an individual deriving income from salary, dividen....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Section 263 of the Act. 4.6. The Revenue has preferred appeal under Section 260A of the Act before this Court being Tax Appeal No. 1050 of 2017 which is pending. 4.7. It is the case of the petitioner that as the Assessing Officer commenced proceedings under Section 154 of the Act by notice dated 10.04.2018 proposing that there was an error of allowing exemption under Section 54EC of the Act amount exceeding Rs. 50,00,000/- and by order dated 23.05.2018, the exemption to the extent of Rs. 50,00,000/- under Section 54EC of the Act was denied. 4.8. The petitioner has thereafter preferred an appeal before the CIT Ahmedabad, who called for various details documents in course of the appellate proceedings including the issue relating to the app....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f the Act relating to the slump sale to the transaction of sale of shares by the petitioner for which long term capital gain is already offered and scrutinized during the course of the regular assessment. 5.1. It was submitted that there is no fresh material available with the respondent nor there is any live link between the material available on record and the reasons recorded so as to assume the jurisdiction to issue the notice under Section 148 of the Act. 5.2. In support of his submissions learned advocate Mr.Divatia referred to and relied upon the decision of the Hon'ble Apex Court in case of CIT Vs. Kelvinator of India Ltd. (320 ITR 561) (SC). 6. On the other hand learned Senior Standing Counsel Mr. Varun K. Patel for the respond....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rd, it appears that the petitioner has disclosed fully and truly all relevant materials during the course of regular assessment in response to the notice under Section 142(1) of the Act and based upon such information the Assessing Officer passed the assessment order under Section 143(3) of the Act. On perusal of the material available on record, it also reveals that the assessee has disclosed the sale consideration at Rs. 39,000/- per share which is evident from the computation of the long term capital gains provided along with the return of the income. Thus the assessee has disclosed all facts truly and fully during the course of the regular assessment and therefore, there is a mere change of opinion on the part of the respondent to issue....