PRAVINKUMAR BHOGILAL SHAH Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) THE petitioner has challenged in this petition, the notice of reassessment issued under S. 148 of the IT Act, 1961 ["Act" for short] dt. 24th March, 2011 along with notice dt. 3rd Oct., 2011 for proceeding and completing reassessment proceedings.

(2.) THE brief facts relevant to the case are :

(3.) NOTICE was issued to the respondents, pursuant to which affidavit-in-reply has been filed by the respondents contending therein that the assessee-company, being merely a contractor and not a developer, was not disclosed by him in his original return of income, and therefore, he had not disclosed fully and truly all the material facts necessary for his assessment, and therefore, the provision of S. 147 of the Act would be made applicable. It is also contended that the petition challenging the constitutional validity of insertion of S. 80-IB(10) is pending before this Court and as there is sufficient material to indicate that all material facts were not truly and full disclosed, the income chargeable to tax has escaped assessment on account of Explanation inserted in the statute book with retrospective effect. 4.1 Having heard learned counsel Mr. Patel for the petitioner and having considered all the materials placed before us with his assistance and also on duly considering the submissions made by Mr. Manish Bhatt, learned senior standing counsel for the Revenue, this petition deserves to be allowed for the following reasons :