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N. V. ANJARIA, BHARGAV D. KARIA
Chhaganlal Mulji Dholu – Appellant
Versus
Joint Commissioner Of Income Tax, JCIT (OSD) Circle – Respondent
JUDGMENT :
[N.V. Anjaria, J.]
1. Heard learned advocate Mr. S.N. Divetia for the petitioner and learned advocate Mr. Nikunt Raval for the respondents at length.
2. Filed under Article 226 of the Constitution, in this Special Civil Application, the challenge is directed against notice dated 31.03.2021 issued by the respondent assessing officer to the petitioner under Section 148 of the Income Tax Act, seeking to reopen the assessment in relation to assessment year 2015-16.
2.1 The assessing officer stated that he had reasons to believe that the income in the hands of the petitioner assessee, for the year under consideration, had escaped assessment within the meaning of section 147 of the Income Tax Act, 1961 (hereinafter referred to as the "Act").
2.2 Also prayed is to set aside the order dated 08.12.2021 whereby the respondent rejected the objections of the petitioner against reopening of the assessment.
3. Stating the attendant facts, the petitioner is an individual who is stated to be deriving income from the property and other sources. He filed his return of income for the assessme
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 power to reopen a completed assessment under Section 147 of the Act 1961 has been bestowed on the Assessing Officer, if he has reason to believe that any income chargeable to tax has escaped asse....
The court emphasized that the reassessment proceedings must be based on tangible material to conclude that there is escapement of income from assessment, and that the absence of an agreement between ....
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.
Taxation - Escapement of assessment - Assessee had disclosed all material facts truly and fully for assessment of income for year under consideration. In other words there was no failure to disclose ....
The main legal point established in the judgment is that the reopening of an assessment must be based on tangible material and cannot be justified by a change of opinion or blindly relying on informa....
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