VITHALBHAI G. PRAJAPATI Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) The petitioner has challenged notice dated 15.03.2016 issued by the respondent-Assessing Officer to reopen the petitioner's assessment for the assessment year 2009-10.

(2.) Facts are as under:

(3.) The Assessing Officer issued a notice dated 31.03.2012 to Takhiben conveying to her that he had a reason to believe that income chargeable to tax in her case for the assessment year 2009-10 had escaped assessment and that she should, therefore, file a return within 30 days from the date of the receipt of the notice. Takhiben, in compliance of the said notice filed a return along with a communication dated 11.05.2012. In such return, she claimed that she had no other income. She disclosed the sale deed of 23.04.2008 out of which, she had received sale consideration of Rs. 1.10 crores. She took the date of acquisition of the property as 01.04.1981 for purchase value of Rs. 18.91 lacs (rounded off). She indexed such value till the date of sale to Rs. 1,10,05,806/- and claimed a loss of Rs. 5806/- in the return. During the course of assessment, the Assessing Officer looked further into this transaction as is apparent from the documents exchanged between the Assessing Officer and Takhiben. For example, on 18.06.2012, Takhiben wrote to the Assessing Officer that the property having been sold for Rs. 5.50 crores by five joint owners, the other owners had filed the return of income in whose cases, assessments were carried out and completed. Along with this letter, she had also annexed the documents pertaining to such assessments of the co-owners. Perusal of these documents would show that the sale considerations were the subject-matter of scrutiny assessments after which final orders of assessment were passed accepting declarations made by the respective assesses.