9911796707
TMI Blog2019 (6) TMI 1726X X X X Extracts X X X X X X X X Extracts X X X X ..... . For the Respondent : Mrs. S. Srimathy Standing Counsel. ORDER The petitioner is a partnership firm comprising five (5) partners that carry on the business of development of real estate. In respect of assessment year 2007 - 2008, a notice under Section 148 of the Income tax Act, 1961 [In short, 'Act'] was received and an assessment completed by the assessing authority, bringing to tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax the aforesaid sale consideration as unexplained income in the hands of the petitioner firm. 4. The petitioner filed an application for revision of the aforesaid order before the Commissioner of Income Tax under Section 264 of the Act, who by the impugned order dated 22.02.2012, rejected the same. The Commissioner of Income Tax confirms the order of assessment on the ground that the books of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e impugned order that the property has been jointly purchased by all five partners of the firm. How he arrives at this conclusion is unclear. No doubt, the property could have been jointly purchased. However, that by itself does not make it a partnership asset. The transaction thus ought to have been examined especially in the context of ownership, that is, whether, the same had been purchased usi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
