JUDGMENT :

KAMAL KHATA, J.

1. This Petition under Article 226 challenges notice under section 148 of the Income-tax Act, 1961 (‘Act’) dated 19th March 2021 issued by Respondent No.1 proposing to reassess the income for the assessment year (‘AY’) 2015-16 and the order dated 16th March 2022, rejecting the objections raised by Petitioner to the proposed action of reopening.

2. The reasons for opening are as under:

“1. Brief details of the assessee-The assessee filed its return of income on 30.09.2015 for A.Y. 2015-16 declaring income at Rs. 11,59,34,180/- and the same was assessed u/s 143(3) on 19/12/2017 determining total income at Rs.12,07,27,060/-.

2. Brief details of information received by the AO- On perusal of assessment records it was observed that assessee sold office premises i.e., 302, 3rd Floor, building no.19, A-Wing, Pinnacle corporate Pane, BKC, Bandra East, Mumbai-400051 for a consideration of Rs.14,00,00,000/- on 02.05.2014. The assessee claimed to have purchased commercial premises i.e., 101, 1st Floor, Dev Plaza, Andheri (W), Mumbai-58 for a total consideration of Rs.23,29,19,898/- on 31.03.2015. It was contended that since neither the WDV of the block of assets “Building