2024 (11) TMI 30

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the petitioner and learned Senior Standing Counsel Mr. Karan Sanghani for the respondent. 2. Learned advocate Mr. Manish J. Shah has tendered the draft amendment. The same is allowed in terms of the draft. To be carried out forthwith. 3. Rule returnable forthwith. Learned Senior Standing Counsel Mr. Karan Sanghani waives service of notice of rule on behalf of the respondent State. 4. Having regard to the controversy involved which is in a narrow compass, with the consent of learned advocates for the respective parties, the petition is taken up for hearing today. 5. By this petition under Article 226 of the Constitution of India, the petitioner has challenged the notice dated 28.03.2021 issued under section 148 of the Income Tax ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Vesu, Surat and purchase of agriculture lands, narrating particulars of land, share of petitioner in land, consideration paid towards purchased of land and corresponding exemption claimed under section 54B of the Act. Thereafter, the petitioner received further notice under section 142 (1) dated 10.09.2018 from the then Assessing Officer asking to provide justification and details with regard to claim of deduction made under section 54B of the Act. In response to the said notice, the petitioner through his Chartered Accountant furnished the details called-for vide letter dated 17.09.2018. Subsequently, the petitioner once again received notices under section 142 (1) dated 16.10.2018, 17.10.2018 and 18.10.2018 calling for certain further det....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... assessment along with sanction under section 151 of the Act was provided vide letter dated 14.12.2021. 12. The petitioner filed objections on 31.12.2021, which were disposed of by the respondents vide order dated 11.03.2022. 13. Being aggrieved by such action of the respondent, the petitioner has approached this Court. 14. Learned advocate Mr. Manish Shah for the petitioner submitted that during the course of regular assessment, the Assessing Officer has scrutinised the issue of sale of agricultural land situated at Revenue Survey No. 370, Moje Vesu, Surat by the assessee for the sale consideration and that the petitioner assessee has received his share of Rs. 11,27,34,750/- was the subject matter of scrutiny and the order was pas....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rom profit and gains. 17. It was therefore, submitted that the respondent Assessing Officer as per the settled legal position has no jurisdiction to issue the impugned notice. 18. On the other hand, learned Senior Standing Counsel Mr Karan Sanghani submitted that the petitioner has an alternative efficacious remedy if the addition is made in reassessment proceedings by preferring an appeal before the CIT (Appeals) and therefore, this petition should not be entertained. 19. It was further submitted that property in question was sold by the assessee as a non agricultural land after obtaining permission under section 63AA of the Bombay Land Revenue Code, 1879 and hence, the petitioner was also not entitled to claim the capital gain un....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ef that income has escaped assessment. 23. Having heard the learned advocates for the respective parties and having taken into consideration the facts of the case as well as the reasons recorded, it is not in dispute that the very same transaction which is the subject matter of the reasons recorded i.e sale of agricultural land situated at Revenue Survey No. 370, Moje Vesu, Surat for consideration being share of the petitioner being Rs. 11,27,34,750/- is the subject matter of scrutiny during the regular assessment by the Assessing Officer and the entire details have been placed on record by the assessee during the course of the regular assessment. Merely because the impugned notice is issued within a period of four years of the date of a....