2022 (4) TMI 1535

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..... andevi Yadav ORDER 1. Petitioner is impugning notice dated 30.3.2013 issued under Section 148 of the Income Tax, 1961 (hereinafter to be referred to as the 'said Act') on the ground that the petitioner's income in respect of which it was assessable to tax for the Assessment Year 2008-2009, has escaped assessment within the meaning of Section 147 of the said Act. Petitioner has been provided reas .....

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..... s in proposed building. However, vide agreement dated 19.12.2002 alongwith supplemental agreement dated 2.1.2003, the promoters transferred development rights to petitioner for consideration of Rs.34,24,61,966/- and during assessment year under consideration, petitioner cancelled the respective allotment with 7 parties on condition of refunding the deposit paid by them. Entire amount payable of Rs .....

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..... /-. According to Respondent No.2, the Assessing Officer who passed the original assessment order should not have accepted the payment as expenditure but should have treated it as 'capital payment'. In the reasons the Assessing Officer writes as under: "While passing the order u/s 143(3) of the Act, the assessing officer accepted the above submission and allowed the expenditure. In this connectio .....

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