9911796707
TMI Blog2021 (12) TMI 651X X X X Extracts X X X X X X X X Extracts X X X X ..... imited company engaged in property development and undertaking construction contracts. The petition relates to Assessment Year 2012-13. Petitioner from Assessment Year 2003-04 has been following the Percentage Completion Method for all its projects. In this method, the profit margin is added as a percentage of total costs incurred during the year and work-in-progress are valued accordingly. The final profit from each project is recorded on completion of that project by deducting from the sale proceeds of the total work-in-progress. 3. Petitioner filed its return of income for Assessment Year 2012-13 on 30th September, 2012, declaring total income of Rs. 2,14,65,350/-. The tax was paid under Section 115JB of the said Act on the book profit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the present petition, challenging impugned notice dated 30th March, 2019 and impugned order dated 3rd October 2019, issued by Respondent No.1. On 13th November 2019, this Court issued notice to Respondent and granted ad-interim stay to the impugned notice dated 30th March, 2019. 8. Respondent No.1 has contested Petitioner by filing a reply. It is stated in the reply that Petitioner has failed to fully and truly disclose material facts in the original assessment. It is also stated that Petitioner has the alternate statutory remedy to challenge the final order of assessment by way of Appeal. 9. We have heard Ms. A. Vissanji and Mr. Suresh Kumar. With the assistance of learned Advocates for the parties, we have scrutinized the record, and w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lusively taken by Assessing Officer, it would not be open for the Assessing Officer to reopen the assessment based on the very same material and take another view. 11. Perusal of the reasons recorded by Respondent No.1 indicates that Respondent No.1 has relied upon facts and figures available from the audited account and undisputed TAR filed along with the return of income in the original assessment. Since the impugned notice was issued four years from the end of the relevant Assessment year, there has to be tangible material to conclude that income had escaped assessment. From the reasons recorded by Respondent No.1 in the reassessment notice, it appears that there was no tangible material available on record to conclude that income had e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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