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DHIRAJ SINGH THAKUR, KAMAL KHATA
Late Bharat Jayantilal Patel – Appellant
Versus
Deputy Commissioner Of Income Tax – Respondent
JUDGMENT
Dhiraj Singh Thakur, J. - The Petitioner in the present Petition challenges inter alia the notice issued under Section 148 of the Income Tax Act, 1961 ('the Act') dated 22 March 2021 relevant to the assessment year 2013-14. By virtue of the said notice, assessment for the year 2013-14 is sought to be reopened, on the ground that the assessing offcer had reason to believe that income chargeable to tax for the assessment year 2013-14 had escaped assessment within the meaning of Section 147 of the Act.
2 The reasons for reopening as furnished to the Petitioner are as under :
'Reasons for reopening of the assessment
1. Brief details of the assessee : The assessee is an individual.
2. Brief details of the information collected/received by the AO : Information has been received from ADIT (Inv.) Unit-IV(2), Thane about assessee that assessee has given his land at Chikhloli for development to Sai Ashray Developers Pvt. Ltd. During the year, assessee Mr. Bharat J. Patel and two other co-owners have granted development rights in respect of their Land at Village Chikhloli located within Municipal Limits of Ambernath of SaiAshray Developers Pvt. Ltd., vide agreement dated 15.06.2012. As pe
The central legal point established in the judgment is the interpretation of 'allowing the possession' under Section 2(47)(v) of the Income Tax Act, and the application of Section 53A of the Transfer....
Assessment - “reason to believe” the income chargeable to tax has been under assessed - Petitioner is bound to participate in the re-assessment proceedings by availing the opportunities to be provi....
The court established that reopening assessments requires new material evidence, and Section 50C does not apply to stock in trade, reinforcing the principle against mere changes of opinion.
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