2026 (1) TMI 1326

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..... 1. Since a short issue is involved, with consent of learned advocates for the respective parties, the matter is taken up for final hearing. 2. By way of present writ petition, the petitioner is assailing the impugned notice dated 30.03.2025 passed under Section 148 of the Income Tax Act, 1961 (for short "the IT Act") for the assessment year 2022-23. BRIEF FACTS: 3. The petitioner has filed the return of A.Y 2022-23 on 25.07.2022 declaring total income at Rs. 1,48,71,670/-. During the year under consideration the petitioner has sold her 30% share of immovable property being non-agricultural land located at Survey No. 465, Village Shela to the co-owner Shri Atulkumar Gangadas Patel (who was holding 70% share of the said land) th....

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.... % and the said agricultural land was converted to non-agricultural land on 10.09.2015. Subsequently, on 23.07.2021, Gangadas gifts his share to his son - Atulkumar and the petitioner sells her 30 % share to co-owner Atulkumar on 13.08.2021 and as on today the 100% share of the land continues to be held by Atulkumar. It is submitted that on 25.07.2022, the petitioner filed return of income for the Assessment Year 2022-23, offering the income from the sale of land and accordingly, the return is processed. 4.1 It is submitted that in fact, the statement of the broker under Section 131 of the IT Act, and as incorporated in the impugned notice, does not in any manner connects to the petitioner. It is submitted that the Assessing Officer upon....

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....length. The action of reopening of assessment against the petitioner is premised on a search conducted at the office premise of City Estate Management on 28.09.2021. During the search, a register was seized of one broker Shri Pravinbhai Nagjibhai Bavadiya. The extract of seized document which consist the information regarding the transaction of immovable property entered into by the assessee as follows: 11.08.2017 Moje-Shela TP 3 SR No. 39 6000 sq. yd Rate 19,500/- SR No. 64/B 14352 sq. yd Rate 17,000/-  SR No. 101 7375 sq. yd Rate 11,000/- SR No. 465 20449 sq. yd Rate 17,000/- P N Bavadiya 7. The aforementioned notings in the the register refers to the Survey No. 465 of Village Shela and it mentions the rate....

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....Shri Bavadiya, there is no material recorded by the Assessing Officer which would reveal the name of the petitioner. It is true that cash transactions operate in very clandestine manner, and the re-assessment cannot be quashed, but the revenue has to prove a live link connecting the assessee. The only link is the survey number of the petitioner. It is pertinent to note that the date of the seized document referred is of 11.08.2017 and it is the case of the Assessing Officer that the entire plot of land was sought to be sold at the rate of Rs. 17,000/- per square yard in the year 2017 as per the entry made in the register (seized document). 11. Keeping in mind the aforesaid submission and the dates, it is pertinent to note that initially ....