TaxTMI 
TaxTMI 
2026 (6) TMI 614
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....ent writ petition has been filed challenging the notice issued under Section 148 of the Income Tax Act, 1961 (for short, "the Act") dated 27.03.2026. 3. The petitioner filed his return of income for Assessment Year 2022-23. It appears that a search and seizure was conducted on Bsafal Group and City Estate Groups under section 132/132A of the Act and some material was collected in such search and during the course of search, it was found that M/s. City Estate Management India, a Real Estate Broker, is providing broking service to Bsafal Group. 4. It is alleged that the cash transactions in real estate was being done by selling various lands/plots etc. in and around Ahmedabad city. The details of address, name of person, survey numbers ....
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....gement India, or City Procon Realtors Private Limited. The petitioner had purchased the parcel of agricultural land situated at Shela during the year under consideration. The said land was purchased for a total consideration of Rs. 2,00,00,000/-. 8. It is further submitted that the seized material is dated 11.08.2017, whereas the petitioner purcahsed the nonagricultural land on 12.10.2021, which is subsequent to the date reflected in the seized material. Thus, the petitioner has no connection whatsoever with the said material, and there is no live link between the seized material and the petitioner. 9. In support of his submissions, learned Senior Advocate Mr. Soparkar, has placed reliance on the judgment of this Court in the case of ....
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....ired to be examined at the stage of issuance of notice is whether there was relevant material on which a reasonable person could have formed a requisite belief. 13. Reliance is also placed on the decision of the Supreme Court in the case of Anshul Jain vs. Principal Commissioner of Income-tax, [2022] 143 taxmann.com 38 (SC). It is submitted that in the present case, the documents / incriminating material which have been recovered during the search proceeding, cannot be said to be dumb documents, devoid of any evidential value. It is submitted that the material which was seized specifically mentions the names of the brokers or third parties and the same reveal the link between the petitioner and the land dealing, by paying the on-money. T....
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....ails of land, location, village, taluka, survey number, area, rate, owner of the land, etc., and he doesn't know the current status regarding the sale of the land. From the seized material, a loose paper chit was found, which makes reference to Survey No.101 situated at Moje Shela, which was purchased by the petitioner on 12.10.2021. The relevant contents of the said chit are as under: 11.08.17 102 Moje:- Shela TP 3 S.No.39, 6000 s.y Rate:19,500/- " 64/B 14352 s.y Rate: 17,000/- " 101, 7395 s.y Rate: 17,000/- " 465,20449 s.y Rate: 17,000/- P.N. Bavadiya 16. Thus, the Assessing Officer, after calculating the amount per square yard on the basis of the figures referred to in the chit, concluded that the total value ....
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....ion 148 of the Act cannot be used in vacuum. The revenue after the seizure of incriminating material is under an obligation to analyze such material, in light of attendant circumstances and record relevancy and a prima facie opinion linking such material establishing escapement of income at the hands of the assessee. The information which is derived from the incriminating material in the instant case, does not establish live-link. The information is absolutely vague and unspecific and the rate mentioned in the loose-paper is attempted to be imposed upon the petitioner after a period of four years on the basis of sale deed registered on 12.10.2021. The statement of Shri Bavadiya does not mention the name of the petitioner. There is no link, ....