9911796707
TMI Blog2012 (1) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... cer seeking to reopen the assessment for the year 2004-05. Reasons communicated for such reopening are as follows: "On verification of the records, it is noticed that the assesee had undertaken the project known as Sheth Nagar Situated at Jamnagar Road, Rajiot and claim for deduction of an amount equal to 100% of the profit derived in the previous year from such housing project u/s 80IB(10) of the I.T.Act. On verification of the record, it is noticed that the claim of the assessee for claiming deduction 80IB of the IT Act is not correct and was wrongly claimed as built area of the shops and other commercial establishment of the project is 7.96% which is mar more exceeding the statutory limit of 5% of the aggregate built up a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the project had commercial construction in excess of 5% and that therefore, deduction could not be granted under Section 80IB(10) of the Income Tax Act, 1961, whereas such restriction of the commercial construction, not being in excess of 5%, was introduced later on. 2. Under the circumstances issue notice returnable on 19.12.2011. In the meantime, the Assessing Officer may proceed with the assessment. Pursuant to impugned notice, he shall not pass final order of assessment without permission of the Court." 4. Counsel for the petitioner submitted that the assessment previously framed after scrutiny is sought to be reopened beyond the period of four years. In the reasons recorded, there is no allegation that income chargeable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titioner occupied commercial establishment exceeding 5% of the constructed area. Admittedly, clause (d) of section 80IB(10) of the Act disqualifying the assessee from claiming benefits under section 80IB(10) was introduced subsequently. Admittedly, such amendment is not made with retrospective effect. In that view of the matter, there was no scope for reopening the assessment already closed. Further, the contention that even without the aid of clause (d) of section 80IB(10), assessee was not eligible for deduction cannot be accepted. Firstly, this is not the reason on which the reopening is sought to be done. Secondly, there is no allegation that the assessee had concealed any material particularly. In the reasons records, there is not even ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
