Delhi High Court
Zelos Developers Private Limited vs Assistant Commissioner Of Income ... on 21 September, 2022
$~47
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ W.P.(C) 13654/2022 & C.M.No.41637/2022
ZELOS DEVELOPERS PRIVATE LIMITED ..... Petitioner
Through: Mr.Mayank Nagi with Mr.Pulkit
Verma, Advocates.
versus
ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 25(1)
DELHI ..... Respondent
Through: Mr.Sunil Agarwal, Sr.Standing
Counsel for the Revenue with
Mr.Tushar Gupta and Mr.Utkarsh
Tiwari, Advocates.
% Date of Decision: 21st September, 2022
CORAM:
HON'BLE MR. JUSTICE MANMOHAN
HON'BLE MS. JUSTICE MANMEET PRITAM SINGH ARORA
JUDGMENT
MANMOHAN, J (Oral):
1. Present writ petition has been filed challenging the order passed under
Section 148A(d) of the Income Tax Act, 1961 ('the Act') as well as the
consequential notice issued under Section 148 of the Act, both dated 30th
July, 2022, for the Assessment Year 2016-17.
2. Learned counsel for the Petitioner states that reassessment was done
on the allegation that sale of immovable property worth Rs.13,65,00,000/-
had escaped assessment. He states that the basis of the allegations are that
Signature Not Verified
Digitally Signed By:JASWANT
SINGH RAWAT
Signing Date:22.09.2022
18:44:56
the purchaser's PAN and Sale deeds were not on record as well as the stamp
duty valuation of the transaction was not on record.
3. Learned counsel for the Petitioner states that the allegations against
the Petitioner are factually incorrect. He states that the Petitioner / seller as
well as the Purchaser i.e. Sh. Narinder Singh Dhingra have valid PANs and
the same were also on record, interalia, in the form of the Annual Tax
Statement under Section 203AA in Form 26AS. He states that income tax
return for the Assessment Year 2016-17 has been filed on 17th October, 2016
where "Revenue from Operations" have been declared under three heads -
(i) Sale of Property Rights; (ii) Project Revenue; and (iii) Consultancy
Services and total income has been returned at a profit of
Rs.2,97,20,825.16/-.
4. Learned counsel for the Petitioner states that vide notice dated 14th
March, 2018 issued under Section 133(6) of the Act, the Petitioner was
directed to file details relating to the alleged transaction. He states that vide
reply dated 26th March, 2018, the Petitioner filed a detailed note on its
business activities; audited financial statements, tax audit report, return of
income and computation of total income; the transaction ledger, sales
account along with the registered sale deed. He points out that stamp duty
valuation of the property in question is duly stated in the registered sale
deed. He states that, therefore, it is clear that the Revenue had knowledge of
material relating to the transaction involving the sale of 24 units amounting
to Rs.13,65,00,000/- . He points out that after examination of the material
placed on record by the Petitioner, the proceeding under Section 133(6) of
the Act was dropped.
Signature Not Verified
Digitally Signed By:JASWANT
SINGH RAWAT
Signing Date:22.09.2022
18:44:56
5. Issue notice. Mr.Sunil Agarwal, learned senior standing counsel
accepts notice on behalf of the Respondent-Revenue. He, on instructions,
states that though the Petitioner in its response to the notice issued under
Section 148A(b) of the Act had filed a detailed reply, yet annexures attached
thereto were not placed on record. He further states that he has no objection
if the impugned order and notice are set aside and the matter is remanded
back to the Assessing Officer for a fresh decision.
6. Keeping in view the aforesaid, the impugned order passed under
Section 148A(d) of Act as well as the notice issued under Section 148 of the
Act, both dated 30th July, 2022 are set aside and the Petitioner is directed to
re-supply its reply to the notice issued under Section 148A(b) of the Act
alongwith all annexures, to the Assessing Officer within a week. The
Assessing Officer shall, thereafter, pass an order under Section 148A(d) of
the Act in accordance with law within six weeks. It is clarified that the
Assessing Officer shall be at liberty to seek any further clarification/
information from the Petitioner.
7. With the aforesaid directions, present writ petition along with pending
application stands disposed of.
MANMOHAN, J
MANMEET PRITAM SINGH ARORA, J
SEPTEMBER 21, 2022
KA
Signature Not Verified
Digitally Signed By:JASWANT
SINGH RAWAT
Signing Date:22.09.2022
18:44:56
