TaxTMI 
TaxTMI 
2024 (9) TMI 150
X X X X Extracts X X X X
X X X X Extracts X X X X
....g. 4. By this petition under Article 226 and 227 of the Constitution of India, the petitioner has prayed for the quashing and setting aside notice dated 28.03.2021 for the assessment year 2013-14. 5. The brief facts of the case are as under: 5.1. The petitioner filed return of income for the Assessment Year 2013-14 on 31.10.2013 declaring total income of Rs. 12,83,920/-. The petitioner had offered its entire income under the head "Income from Business and Profession" which arose on account of sale of land situated at Santej. 5.2. The petitioner had sold land situated at Block no.510, Revenue Survey No. 473 and Block No.512, Revenue Survey No.479 situated at Santej by executing tri-parte conveyance deed registered on 27.06.2012 for total consideration of Rs. 3,25,00,000/- which was received by six different cheques drawn on Union Bank of India, Vastrapur Branch out of the six cheques, two cheques bearing cheque no. 780103 amounting to Rs. 30,00,000/- dated 09.06.2012 and cheque no.780106 amounting to Rs. 75,00,000/- dated 22.06 2012, were given directly in the name of confirming party K.R. Developers by the purchaser Eliment Procorn LLP. Hence the petitioner received sal....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t S. No. 473, Santegni for the sale consideration of Rs. 3,25,00,000/- by paying stamp duty of Rs. 22,37,500/-. According to the stamp duty paid, the jantri value of the property comes out to Rs. 4,56,63,265/-. Hence, there is a difference of Rs. 1,31,63,265/- between the sale deed value and the jantri value. 3. Analysis of information collected/received: On analysis of the information, it is seen that M/s. Kalp Developers has sold non-agricultural land at S.No.473, Santegni for the sale consideration of Rs. 3,25,00,000/- by paying stamp duty of Rs. 22,37,500/-. According to the stamp duty paid, the jantri value of the property comes out to Rs. 4,56,63,265/-. Hence, there is a difference of Rs. 1,31,63,265/- between the sale deed value and the jantri value. Hence, the amount of Rs. 1,31,63,265 /- has escaped assessment and is required to be brought to tax net for AY 2013-14. 4. Enquiries made by the AO as sequel to information collected/received: The ITBA/ITD data available in this office is verified, (i) As per PAN data base the case of the assessee is found to belong to the territorial jurisdiction of this ward, (ii) The asses....
X X X X Extracts X X X X
X X X X Extracts X X X X
....record, the petitioner has disclosed all the material facts and there is nothing on record to establish the failure on the part of the petitioner. 6.3. It was submitted that the respondent Assessing Officer, except making bald statement of none disclosure has failed to even prima facie show that there is no disclosure on the part of the petitioner. 6.4. It was submitted that the impugned notice has been issued without verification of the material available on record in as much as the entire issue of sale of land at Santej has been thoroughly scrutinized, during the course of the regular assessment and in absence of any reference to new tangible materials and the reasons recorded to form the belief that the income has escaped assessment, the Assessing Officer could not have assumed jurisdiction to issue the impugned notice. 6.5. Learned advocate Mr. Patel invited attention of the Court that the Assessing Officer has categorically stated in the reasons that from the verification of record it was noticed and it is a settled legal position that if the reasons are recorded on the basis of the material available on record and notice is issued beyond four years from the end of th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....te Mr. Patel also referred to the order disposing the objection wherein respondent no.2 has fairly admitted that he has re-opened the assessment for the purpose of verification of expected evasion and therefore, it was submitted that there is no tax evasion by the petitioner in as much as it is a settled legal position that notice under Section 148 of the Act cannot be issued for the purpose of verification. 6.13. Learned advocate Mr. Patel therefore submitted that in the facts of the case, the impugned notice under Section 148 of the Act is liable to be quashed and set aside. 7. Per contra, learned Senior Standing Counsel Mr. Karan Sanghani for the respondent submitted that as per the reasons recorded, it is mentioned that income of the assessee for the year under consideration has escaped even though the assessment order had been passed under Section 143 (3) of the Act as the Assessing Officer obtained information that the assessee had sold the non-agricultural land for sale consideration of Rs.3,25,00,000/- by paying stamp duty of Rs. 22,37,500/- and according to the stamp duty paid, the jantri value of the property would come to Rs.4,56,63,265/- resulting into difference ....