Contact us   Feedback   Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (8) TMI 1010 - SUPREME COURT

2016 (8) TMI 1010 - SUPREME COURT - [2016] 387 ITR 122 - Reopening of assessment - non entitlement for deduction under Section 80(1B) - Held that:- Information was supplied as there was some query about the value of the land. Obviously, while going to this document the Assessing Officer would examine the value of the land. However, the reason for issuing notice under Section 148 of the Income Tax Act was that the appellant had not correctly disclosed the actual assets of the plot and hence, it w .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

this case, therefore, we find that the Revenue was right in reopening the assessment - Civil Appeal No (S). 4735/2008 - Dated:- 8-8-2016 - A. K. Sikri And Rohinton Fali Nariman, JJ. For the Appellant : Mr. S. Ganesh, Sr. Adv. Mr. Satyen Sethi, Adv. Mr. Arta Trana Panda, Adv. Mr. Rameshwar Prasad Goyal,Adv For the Respondent : Mr. Tushar Mehta, ASG Mr. Yashank Adhyaru, Sr. Adv. Mr. Rupesh Kumar, Adv. Ms. Purnima Bhatt, Adv. Ms. Gargi Khanna, Adv. Ms. Anil Katiyar, Adv ORDER Heard learned counsel .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

to stock-in-trade. The appellant on 29.10.2001 filed its return of income for the Assessment Year 2001-02. After scrutiny of the said return of income, a notice dated 15.03.2007 was served on the appellant under Section 148 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') inter alia alleging that the appellant's income chargeable to tax for the Assessment Year 2001-02 has escaped assessment within the meaning of Section 147 of the Act. On 1st May, 2003, an assessmen .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

(10) of the Act. It was noted that the information regarding the actual size of the plot used for the construction was only available in the valuation report and hence the case is covered under Explanation 2(c)(iv) of Section 147 of the Act. The appellant objected assumption of jurisdiction under Section 148 for the reason that the appellant had disclosed all the facts fully and truly and respondent no. 1 was fully aware of the FSI. Respondent no. 2 rejected the objections. Being aggrieved, the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ther argued that it was merely a case of change of opinion which is not a valid ground for reopening of the assessment. In order to buttress his submission he has drawn our attention to the communication dated 10.02.2003 addressed by the appellant to the Assessing Officer. In para 11 thereof, there is a mention about the land in question. After going through the same, we are constrained to reject the aforesaid submission of the learned senior counsel for the appellant. In para 11, only the value .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

not entitled for deduction under Section 80(1B) (10) of the Act. The Income Tax Authority itself has mentioned in the notice under Section 148 of the Act that such information was available only in the valuation report. Giving the information in this manner shall be of no help to the appellant as the Assessing Officer was not expected to go through the said information available in the valuation report for the purpose of ascertaining the actual construction of the plot. On the facts of this case .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version