Akil Kureshi J. - (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: "As per the information available with office, the assessee had sold an immovable property for consideration of Rs. 1,18,95,000/with Sub-Registrar Office, Surat 2, Udhana, during the FY.2009-10 relevant to A.Y. 2010-11, jointly with two other persons. Therefore, the share of the assessee comes to Rs. 39,65,000/( presuming /rd of Rs. 1,18,95,000/ . However, on verification from ITD system, it is seen that the assessee has not filed return of income for A.Y. 2010-11. Since, the assessee has not filed return of income, capital gain earned on the sale of immovable property has not been offered for taxation by the assessee. Therefore, the property sale transactions made by her during the financial year 2009-10 are unexplained/undisclosed. In view of the above facts, I, have reason to believe that income chargeable to tax has escaped assessment within the meaning of Section 147 of the IT Act for A.Y.2010-11 by an amount of Rs. 39,65,000/and it is a fit case for reopening the assessment for A.Y.2010-11." ;