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JALARAM DEVELOPERS Versus INCOME TAX OFFICER - VAPI WARD - 2 AND 1

2016 (6) TMI 698 - GUJARAT HIGH COURT

Reopening of assessment - non eligibility for the deduction under section 80IB - Held that:- As gone through the assessment order where the Assessing Officer has recorded that “since all the conditions laid down in the provisions of section 80IB(10) of the Income-tax Act have been fulfilled by the assessee, it is eligible for the deduction under section 80IB at 100% of profit shown during the year i.e. ₹ 59,26,427/-.”

For reopening of the assessment, notice should be issued wit .....

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cordingly. Notice issued under section 148 of the Income-tax Act dated 10.8.2009 and the preliminary order dated 30.11.2010 for proceeding and completing the reassessment proceedings are hereby quashed and set aside - Decided in favour of assessee - SPECIAL CIVIL APPLICATION NO. 15718 of 2010 - Dated:- 9-6-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ. FOR THE PETITIONER : MR RK PATEL, ADVOCATE WITH MR. DARSHAN R. PATEL, ADVOCATE FOR THE RESPONDENT : MR SUDHIR M MEHTA, ADVOCATE ORAL JUDGMENT (PE .....

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43(3) at income as returned. The assessee firm is engaged in development and construction. It is noticed that profits shown by the assessee in comparison to other builders (who are involved in the construction of similar housing projects but not availing the benefit of deduction under section 80IB) is very high. The abnormal rate of profit declared by the assessee appears to be influenced by the 100% deduction available under section 80IB of the I.T. Act, 1961. Further, the declaration of income .....

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he satisfaction/permission of the Addl. CIT, Vapi Range, Vapi. 2. The learned counsel for the petitioner submits that the petitioner filed its return of income along with relevant documents on 30.09.2004. After issuing notice under section 143(2) of the Income-tax Act, scrutiny assessment was framed under section 143(3) of the Act vide order dated 30.3.2005 determining total income at Nil after allowing the claim of deduction under section 80 IB of the Act. Now the respondent seeks to reopen the .....

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r section 148 of the Income-tax Act after 31.3.2009 is bad in law. Even otherwise, the Assessing Officer has considered the claim under section 80IB(10) of the I.T. Act and recorded his satisfaction that since all the conditions laid down in the provisions of section 80IB(10) of the Act have been fulfilled by the assessee, it is eligible for the deduction under section 80IB at 100% of profit shown during the year i.e. ₹ 59,26,427/-. No reasons are assigned that the claim which has been all .....

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g of the assessment. The Assessing Officer has supplied to the assessee the reasons for reopening the assessment on the basis of material collected by him. He has stated that the profits shown by the assessee in comparison to other builders is very high and the abnormal rate of profit declared by the assessee appears to be influenced by 100% deduction available under section 80IB of the Act. In that view of the matter, the learned counsel for the respondent has contended that no interference is .....

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