MUMTAZ HAJI MOHMAD MEMON Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) The petitioner has challenged a notice dated 31.03.2017 issued by the respondent Assessing Officer for reopening of the petitioner's assessment for the assessment year 2010-11.

(2.) Facts are as under.

(3.) Petitioner is an individual. For the said assessment year 2010-11, the petitioner had filed the return of income on 16.06.2010. On 28.04.2009, the petitioner had along with two other coowners, sold immovable property situated at Village:Udhna, for a declared sale consideration of Rs. 50 lakhs. In the return of income, the petitioner disclosed such sale and after adjusting the cost of improvement and indexed cost of acquisition, offered a sum of Rs. 2,45,900/by way of capital gain. Such return was not taken in scrutiny. To reopen such assessment, the Assessing Officer issued the impugned notice. In order to do so, he had recorded following reasons: