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2010 (5) TMI 238 - HC - Income TaxIncome from House Property- The assessee firm has filed its return of income. The firm was engaged in real estate business and during the period from 1979 to 1984. It has constructed a commercial complex known as “Al Karim Trade Centre”. In response to the notices of hearing issued under sections 143(2) and 142(1) of the Income-tax Act, the counsel appeared and filed details called for from time to time. Mr. Syed Ghousuddin, who is supposed to be assisting the assessee-firm, and its auditor in their accounts, was present during the course of hearings. The managing partner of the firm, Sri Ghiasuddin Babukhan on oath stated that Mr. Syed Ghousuddin has prepared the profit and loss account and balance-sheet of the relevant previous year, Mr. Ghousuddin also gave statement on oath. Copies of these statements were made available to the assessee-firm. There was a search and seizure operation under section 132 of the Income-tax Act (for short “the Act”), in the case of the assessee-firm, and its partners. The seized books of account were examined and the assessee was allowed to take extracts of the seized papers, which would find mention later in this order. After examining the evidence and details furnished and evidence produced, and after giving due opportunity to the assessee-firm of being heard, the assessment was completed. Held that- the issue was to be decided favour of the assessee and against the revenue.
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