2024 (1) TMI 1009

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....ondents-Revenue : Mr. Siddharth Chandrashekhar. PC : 1. Since the pleadings are completed, we decided to dispose the petition finally. 2. Petitioner is impugning a notice dated 23rd March 2022 issued under Section 148A(b) of the Income Tax Act, 1961 ("the Act"), order dated 22nd April 2022 passed under Section 148A(d) of the Act and the consequent notice also dated 22nd April 2022 issued ....

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....een that differential amount of Rs. 26,44,500/- is not offered for taxation." 4. Mr. Basu states, and rightly so, that provisions of Section 50C of the Act would apply only to a seller and not the assessee in this case, who is the buyer of the property. Mr. Basu submits that Section 50C(1) of the Act provides, "where the consideration received or accruing as a result of the transfer by....

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....the officer Abhishek Kumar Sinha, who passed the impugned order seeking an explanation for reliance on Section 50C of the Act. Therefore, we shall not accept this explanation of Respondents. 6. Mr. Chandrashekher further submits that the reopening was to provide an opportunity to the assessee of being heard and thus, thoroughly analyze the facts of the case with documentary evidence and the suf....

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.... is less than the stamp duty value, there can be escapement of any income particularly in the hands of a buyer. 8. In the circumstances, we allow the petition in terms of prayer clause (a) which reads as under : "a. That this Hon'ble Court may be pleased to issue a writ of certiorari or a writ in the nature of certiorari or any other appropriate writ, order or direction, calling for th....