TMI Blog2015 (4) TMI 406X X X X Extracts X X X X X X X X Extracts X X X X ..... with Mr. Pinto that the revised questions of law would arise because the Tribunal has refrained from expressing any opinion on merits. It has not set aside the addition made by the Assessing Officer in the case of the Assessee before us nor sustained it. It has simply quashed the proceedings for want of jurisdiction and based on the satisfaction which has to be arrived at as a principal condition within the meaning of section 158BD of the Income Tax Act, 1961. Therefore, the Tribunal's conclusion has not, in any manner, prejudiced the Revenue nor affected the other remedies and powers available to it under the Act. It can bring the amounts, if any, to tax and in the case of the present Assessee by taking recourse of law. Therefore, all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of RLCPL, which indicated that onmoney was received on sale of flats in two projects, namely, Rustomjee Heritage and Rustomjee Adarsh Regal . That is not recorded in the books of account. In the block assessment order of RLCPL, it was held by the Assessing Officer that these two projects were undertaken by RLCPL and the Assessee before us jointly. Therefore, while completing the block assessment in the case of RLCPL, the Assessing Officer has worked out the amount of onmoney receipt on the basis of seized material indicating charging onmoney on sale of flats in these two projects at certain figure and which was to be apportioned according to that Assessing Officer in the ratio of 50:50 amongst RLCPL and the present Assessee. In pursuanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s found merit in such an objection. 4. The Tribunal extensively dealt with the rival contentions. After setting them out, it has rendered an opinion after noticing the language of section 158BD and the above undisputed facts. It has also perused the records by summoning them from the file of the Assessing Officer. It found that in the case of RLCPL the block assessment was completed. That was on the basis of the search carried out under section 132 on the premises of a distinct company, namely, KRPL. While assessing the income and scrutinising the return of another company RLCPL that the Assessing Officer having jurisdiction noted the onmoney receipt and the presence of the Assessee before us. 5. The Tribunal applying the language of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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