TMI Blog2014 (12) TMI 607X X X X Extracts X X X X X X X X Extracts X X X X ..... essment – thus, the jurisdictional requirement for reopening the assessment has been duly fulfilled – the order of the Tribunal is upheld – Decided against assessee. - Writ Tax No. - 711 of 2014 - - - Dated:- 9-12-2014 - Hon'ble Dr. Dhananjaya Yeshwant Chandrachud,CJ And Hon'ble Pradeep Kumar Singh Baghel,JJ. For the Petitioner : Nikhil Agrwal For the Respondent :- Sr. S.C. It ORDER The petitioner has sought to question the legality of a notice issued under Section 148 of the Income Tax Act, 1961 seeking to re-open the assessment for AY 2008-09. An order of assessment was passed under Section 143 (3) on 7 May 2010. The Assessing Officer completed the assessment reflecting a total loss of ₹ 84,28,215/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r in his reasons indicated that the supplementary agreements dated 14 June 2007 and 11 July 2007 changed the nature of the receipts under the head of security from being refundable/ adjustable to non-refundable. Hence the receipts which were received in financial year 2007-08 had become taxable in the assessment year 2008-09. The assessee had not shown the receipts as taxable income in the return filed AY 2008-09. The Assessing Officer noted that the sale of the land had taken place and the assessee had handed over possession thereafter to the developer. The assessee was to get the sale proceeds through an escrow account in accordance with an agreed ratio. The assessee has not shown the sale proceeds as its income in the year under consider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... letter dated 29 September 2008 was found and impounded. The letter reflected the amounts which have been received by the assessee from the developer as non-refundable security deposits in respect of three building projects. The Assessing Officer while recording his reasons has noted that what was initially a security deposit which was refundable or adjustable had become a non-refundable security deposit as a result of the supplementary agreements. There was a failure on the part of the assessee to fully and truly disclose all these facts during the course of the assessment proceedings. It has been submitted on behalf of the petitioner that during the course of the assessment proceedings the Assessing Officer had called upon the petitione ..... X X X X Extracts X X X X X X X X Extracts X X X X
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