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THE COMMISSIONER OF INCOME TAX-25 Versus SHRI SHAILESH S SHAH

2015 (10) TMI 1015 - BOMBAY HIGH COURT

Reopening of assessment - disallowance u/s. 80IB(10) - Held that:- We find that the reopening notice dated 30th March, 2010 has been issued beyond a period of four years from the end of the relevant Assessment Year i.e. A. Y. 2002-03. A primary condition to be satisfied for reopening of assessment beyond a period of four years is a failure on the part of the assessee to fully and truly disclose all material facts necessary for the Assessment. So far as the benefit under Section 80IB(10) of the A .....

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uded in favour of the Respondent-Assessee by the decision of this Court in Brahma Associates (2011 (2) TMI 373 - BOMBAY HIGH COURT ). - Decided in favour of assessee. - Income Tax Appeal No.1913 of 2013 - Dated:- 30-9-2015 - M S Sanklecha and G S Kulkarni, JJ For The Appellant : Mr. Arvind Pinto with Mr. A. K. Saxena For The Respondent : None JUDGEMENT This Appeal under Section 260-A of the Income Tax Act, 1961 (the Act), challenges the order dated 30th January, 2013 passed by the Income Tax App .....

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₹ 2,12,18,869/- made by the A. O. on account of disallowance u/s. 80IB(10) of the Income Tax Act inspite of the fact that the assessee failed to fulfill the conditions laid down therein?" 3. On 31st May, 2005, the Assessing Officer passed the regular Assessment Order framed under Section 143(3) of the Act for the Assessment Year 2003-04. The Petitioner's total income was determined at ₹ 3.92 lakhs after having allowed the Petitioner's claim for deduction of ₹ 2.12 .....

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order dated 31st December, 2009 passed under Section 143(3) read with Section 147 of the Act, held the reopening of Assessment to be valid and that the benefit of deduction under Section 80IB(10) of the Act was not available to Respondent-Assessee. 5. On further appeal, the Commissioner of Income Tax (Appeals) [CIT(A)] held that the reassessment notice under Section 148 of the Act itself was without jurisdiction. Further, on merits it is also held by order dated 27th February, 2011 that the den .....

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