9911796707
TMI Blog2011 (7) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... is made returnable forthwith. By consent, taken up for final hearing. 2. This Writ Petition is filed to challenge the notice dated 25th March 2010 issued under Section 148 of the Income Tax Act, 1961 and also the order dated 2nd December 2010 whereby the objections raised by the petitioner against reopening of the assessment has been rejected. 3. The assessment year involved herei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Bagla Properties under the head sundry loans in the Balance Sheet as at 31032005 i.e. for A.Y. 200506. In view of this, during the relevant year, the assessee should have offered the Capital Gain as there is transfer of rights of above referred property i.e. Bagla Property. As the property was given for development during the year and in view of development agreement, capital gain arise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Municipal Corporation or by 31st October 2004, whichever was earlier and the balance Rs.3.25 crores was payable in 13 installments after 75 days from the receipt of the Commencement Certificate by the Developer in respect of the plinth of the first building to the constructed on the said property. 7. As the developer failed to pay the amount of Rs.30 lakhs on or before 31st October ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the commencement certificate in the present case was issued on 29th December 2009. In these circumstances, in our opinion, it cannot be said that there was any reason to believe that income chargeable to tax has escaped assessment in assessment year 200506 so as to initiate reassessment proceedings under Section 147 read with Section 148 of the Act. So long as the consent terms filed on 2nd Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
