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RAJIV SHAKDHER, GIRISH KATHPALIA
Dhruv Suri – Appellant
Versus
Income Tax Officer, Ward 30(5), Delhi – Respondent
JUDGMENT
[Physical Hearing/Hybrid Hearing (as per request)]
Rajiv Shakdher, J. (Oral)
Cm No.40781/2023
1. Allowed, subject to just exceptions.
W.P.(C) 10513/2023 & CM No.40780/2023 [Application filed on behalf of the petitioner seeking interim relief]
2. Issue notice.
2.1. Mr Shlok Chandra, learned senior standing counsel, accepts notice on behalf of the respondents/revenue.
3. Given the directions that we propose to issue, Mr Chandra says that he does not wish to file a counter-affidavit and he will argue the matter based on the record presently available with the court.
3.1. Therefore, with the consent of learned counsels for the parties, the matter is taken up for hearing and final disposal at this stage itself.
4. This writ petition concerns Assessment Year (AY) 2016-17.
5. The record shows that the Assessing Officer (AO) has triggered reassessment proceedings against the petitioner, as he had entered into high value transactions, inter alia, concerning the subject immovable property.
6. Mr Nitin Gulati, who appears on behalf of the petitioner, does not dispute the fact that the subject immovable property was sold by the petitioner to two persons, i.e., Mr Sriram Jayaraman S
The central legal point established in the judgment is that reassessment proceedings must adhere to the specified authority's approval and the threshold requirements for escaped income under the Inco....
The court emphasized the importance of providing evidence, such as bank statements, to establish non-involvement in alleged transactions for reassessment proceedings under the Income Tax Act.
The Assessing Officer must consider and correlate the documents provided by the petitioner in an assessment of escaped income under the Income Tax Act, 1961.
The central legal point established in the judgment is that the AO must have underlying material available to form a reasonable belief that income chargeable to tax has escaped assessment, and must f....
Violation of principles of natural justice in not granting the petitioner enough opportunity to furnish an explanation in defense of the charge levelled against him.
The central legal point established in the judgment is the duty of the Assessing Officer to consider all relevant evidence before making an assessment under the Income Tax Act.
The amended Income Tax Act allows reassessment without prior 'reason to believe', broadening the scope for initiating proceedings based on third-party information.
The main legal point established in the judgment is the requirement for the AO to have a 'live link' between the material available and the reasons for belief that income has escaped assessment. The ....
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