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Commissioner of Income Tax-24 Versus M/s. BJ. Development Corporation

2015 (4) TMI 406 - BOMBAY HIGH COURT

Validity of the order u/s 158BD read with section 158BC - precondition for invoking section 158BD is not satisfied as accepted by Tribunal - Held that:- The Tribunal applying the language of the sections concerned and the Judgment of Manish Maheshwari vs. Assistant Commissioner of Income Tax [2007 (2) TMI 148 - SUPREME COURT OF INDIA] concluded that the principal condition for invoking the provisions was not satisfied. These conclusions holding that the block assessment under section 158BD read .....

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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 the more we do not think that the Tribunal's conclusions, which are otherwise not perverse or vitiated by a .....

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eriod of assessment years 1st April, 1996 to 24th January, 2003 was involved. 2. The Assessee brought to the notice of the Tribunal the basic and undisputed facts. They are that a survey and seizure operation under section 132 of the Income Tax Act, 1961 was conducted on 21st January, 2003 at the residential and business premises of M/s. Keystone Realtors Pvt. Ltd. (for short 'KRPL') and M/s. Rustomjee Landmark Construction Pvt.Ltd. (for short 'RLCPL'). RLCPL is one of the group .....

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tomjee 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 .....

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ere initiated by issuing notice under section 158BD of the Income Tax Act, 1961 on 10th May, 2005. The block assessment was completed and an addition of ₹ 1,28,12,145/- being 50% sum derived towards alleged onmoney receipts and determined in the manner aforestated was added to the income of the Assessee before us by the Assessing Officer in his order dated 31st May, 2007. 3. The matter was carried in Appeal up to the Tribunal and raising additional ground with regard to the validity of the .....

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Tribunal in the second round and pointed out that the precondition for invoking section 158BD is not satisfied. The Tribunal has 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 .....

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