TaxTMI 
TaxTMI 
2024 (11) TMI 90
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....ding Counsel Mr. Karan Sanghani for learned Senior Standing Counsel Mrs. Kalpana K. Raval for the respondents. 2. Rule returnable forthwith. Learned Senior Standing Counsel Mr. Karan Sanghani waives service of notice of rule for the respondent. 3. Having regard to the controversy in narrow compass, with the consent of the learned advocate for the respective parties, the matter is take up for hearing. 4. By this petition under Article 226 of the Constitution of India, the petitioner has challenged the validity and jurisdiction of the notice dated 23.03.2020 issued under section 148 of the Income Tax Act, 1961 [for short 'the Act'] for the Assessment Year 2013-14. 5. The petitioner filed return of income on 27.09.2013 showing tota....
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.... AO as sequel to information collected/received: i) The ITBA/ITD data available in this office is verified. ii) As per PAN data base, the case of the assessee is found to belong to the territorial jurisdiction of this ward. iii) The assessee has filed its return of income for A.Y.2013-14 on 27.09.2013 declaring total income of Rs. 2,33,750/-. The assessment order u/s. 143 (3) of the I.T. Act was passed on 27.01.2016 accepting returned income. iv) The information received through various letters is available on record. 5. Findings of the AO: The assessee has filed its return of Income for A.Y. 2013-14 on 27.09.2013 declaring total income of Rs. 2,33,750/-. The assessment order u/s. 143 (3) of the ....
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....ion which was clearly reflected in the audited balance-sheet filed along with return of income. It was also contended that during the course of the regular assessment, the Assessing Officer issued the notice under section 142 (1) of the Act calling upon the information from the petitioner in respect of purchase of the immovable property and the petitioner by letter dated 29.07.2015 had provided the same which was considered by the Assessing Officer before passing the assessment order under section 143 (3) of the Act. It was therefore, submitted that the petitioner has disclosed fully and truly all the material facts for the assessment and there is no failure on the part of the petitioner. 5.3 The respondent-Assessing Officer however, did....
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....transaction i.e. 07.03.2013 is the correct date of transaction with regard to purchase of the property of Rs. 1,65,10,000/-. 6.1 It was further submitted that pursuant to the order passed by this Court the Assessing Officer has called for the information in the letter dated 22.09.2021 with the subject pertaining to the disposal of the objection for issuance of the notice under section 148 of the Act. It was pointed out from the said letter that the Assessing Officer has accepted the fact that the petitioner purchased immovable property on 07.03.2013 to the tune of Rs. 1,65,10,000/- from Om Land Reality Pvt. Ltd. It was further submitted that even in the show-cause notice issued for proposed addition along with draft assessment order by t....
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....he details available on the record and thereafter has issued the notice under section 148 of the Act after application of mind on the basis of the facts placed before him. It was therefore, submitted that there was possession of new tangible material gathered by the Assessing Officer and on basis of such material, he has formed a belief that there is escapement of income. Reliance was placed on the decision of this Court Gruh Finance Ltd vs Jt. CIT reported in (2000) 161 CTR (Guj.) 100 in support of his submissions. 7.1 It was therefore submitted that no interference be made by this Court while exercising extraordinary jurisdiction under Article 226 of the Constitution of India as the petitioner would have alternative efficacious remedy ....