9911796707
TMI Blog2018 (8) TMI 1424X X X X Extracts X X X X X X X X Extracts X X X X ..... round itself, notice is required to be set aside. Further, In the context of the allotment of two units to the same person, the assessee had pointed out in his objections that the purchaser Shri Piyushbhai Patel was never allotted two units. He had vacated one of the two units which he had booked and had paid the sale consideration for one of them and accordingly, such unit was sold to him. The Assessing Officer merely brushed aside such objection stating that same is subject to verification which can be done only during the course of assessment. Notice for reassessment beyond a period of four years therefore, was not valid. - Decided in favor of assessee. - R/SPECIAL CIVIL APPLICATION NO. 10973 of 2018 - - - Dated:- 13-8-2018 - MR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntial unit in the housing project is allotted to any person not being an individual, (b) in a case where a residential unit in the housing project is allotted to a person being an individual, no other residential unit in such housing project is allotted to any of the following persons, namely: (i) the individual or the spouse or the minor children of such individual. (ii) the hindu undivided family in which such individuals is the karta. Since the deduction claimed by the assessee was not in accordance with the provisions of the Act, therefore, the claim of deduction of ₹ 3,76,41,000/u/ s. 8OIB(10)(f) of the Act is required to be disallowed and added to the total income of the assessee. Further, on verification of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 319 Value of investment as on 31.03.2012 (as per balance sheet of AY 2012-13 includes) 42,21,78,590 Value of investment as on 31.03.2011 (as per ITR-4 for AY 2011-12) 32,32,68,483 (B) Average value of investment 37,2723,536 Value of total assets as on 31.03.2012 (as per balance sheet) 63,54,88,000 In view of the above, interest of ₹ 18,85,764/was required to be disallowed u/s.14A of the Act and added to the total income of the assessee. From the above facts, I have reason to believe that the income to the tune of ₹ 3,95,213,764/(Rs.3,76,41, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riginal assessment having been framed after scrutiny, the question of failure of the assessee to make full and true disclosures becomes relevant. In this context, we may notice that the Assessing Officer had two objections to the assessee's return. First was that the assessee had claimed deduction under section 80IB(10) of the Act in relation to development of housing project. One of the conditions thereof being that no person shall be allotted more than one residential unit. According to the Assessing Officer, the assessee had breached this condition. Second objection of the Assessing Officer was that the assessee had earned income from a partnership firm which was exempt form tax. The assessee had made sizeable investments to earn suc ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
