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TMI Blog2018 (4) TMI 458X X X X Extracts X X X X X X X X Extracts X X X X ..... finding of fact by the Tribunal that the project 'Sai Swar' was completed in the Assessment Year 201011 having being accepted by the Revenue in its order for the Assessment Year 2009-10, it is not now open to challenge the finding in the earlier order by way of the present proceedings. This is a concluded issue. In view of the aforesaid finding of fact in order dated 2nd August, 2012 (accepted on the above issue by the Revenue) ,the entire basis of reasons for reopening the Assessment for Assessment Year 2008-09 falls to the ground. - Income Tax Appeal No. 1281 of 2015 - - - Dated:- 4-4-2018 - M. S. Sanklecha And Sandeep K. Shinde, JJ. Mr. N. C. Mohanty, for the Appellant Mr. S. C. Tiwari with Ms. Rutuja Pawar, for the Resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after, on 27th March, 2012, the Assessing Officer issued a notice to the Respondent-Assessee under Section 147 read with Section 148 of the Act. By the above notice, the Assessing Officer sought to reopen the Assessment for the subject Assessment Year i.e. A.Y. 2008-09. (iii) The reasons in support of the impugned notice as communicated to the Respondent-Assessee, is as under: 1. During the assessment proceedings u/s. 143(3) for the A. Y. 2009-10, it was submitted by the assessee that occupancy certificate of the Sai Swar building project was received on 10th April, 2007 instead of 7th April, 2008. The occupancy certificate was received in F.Y. 200708, the possession of tenements were also given in F.Y. 200708. Thus, the said proje ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessment Year 2008-09 being the terminal year of the project. (v) The Respondent-Assessee objected to the same. However, the Assessing Officer by an order dated 14th March, 2013, rejected the Petitioner's objection with regard to reopening notice and assessed profit from 'Sai Swar' as project completed in the Assessment Year 2008-09 and also from 'Sai Sharan' bringing in an aggregate amount of ₹ 8.46 Crores to tax. (vi) Being aggrieved, Respondent-Assessee preferred an appeal to the Commissioner of Income Tax (Appeals) [CIT(A)]. By an order dated 31st March, 2014, the CIT(A) dismissed the Respondent-Assessee's appeal. (vii) On further appeal, the Tribunal by the impugned order, allowed the Respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent Year 2009-10 to this Court being Income Tax Appeal No.385 of 2014. In fact, in its above appeal, no grievance was made by the Revenue in respect of the finding of the Tribunal that project 'Sai Swar' was being completed in the Assessment Year 201011. This finding of fact by the Tribunal that the project 'Sai Swar' was completed in the Assessment Year 201011 having being accepted by the Revenue in its order for the Assessment Year 2009-10, it is not now open to challenge the finding in the earlier order by way of the present proceedings. This is a concluded issue. (ix) In view of the aforesaid finding of fact in order dated 2nd August, 2012 (accepted on the above issue by the Revenue) ,the entire basis of reasons for r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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