INCOME TAX OFFICER, WARD-3-2, JAIPUR vs. SILVER SAND BUILDERS PVT. LTD., JAIPUR

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ITA 1240/JPR/2018Status: DisposedITAT Jaipur01 August 2019AY 2008-0928 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision, finding the reassessment invalid because the AO lacked valid reasons for reopening after four years without evidence of the assessee's failure to disclose fully. The Tribunal also ruled that the annual letting value of the property should be Nil due to its unauthorized construction and inability to be let out.

What were the facts?

The Assessing Officer (AO) reopened assessments for three years to tax unsold closing stock of a commercial complex as income from house property, following a Delhi High Court decision. The CIT(A) quashed the reassessment proceedings, finding the reopening invalid.

What were the issues?

Whether reassessment proceedings were validly initiated after four years without alleging failure on the part of the assessee to disclose fully and truly. Whether the annual letting value of unsold stock in an unauthorized construction can be taxed as income from house property.

Which sections of the Income-tax Act were involved?

Section 147,Section 143(3),Section 139(1),Section 22,Section 23(1)(c)

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Income Tax Appellate Tribunal, JAIPUR BENCH ‘B’, JAIPUR

Before: SHRI VIJAY PAL RAO, JM & SHRI VIKRAM SINGH YADAV, AM

1.

The Appellant- The ITO Ward 3(2), Jaipur.

2.

The Respondent – M/s. Silver Sand Builders Pvt. Ltd., Jaipur. 3. The CIT(A). 4. The CIT, 5. The DR, ITAT, Jaipur 6. Guard File (ITA No. 1240, 1241 & 1242/JP/2018) vkns'kkuqlkj@ By order,

सहायक पंजीकार@ Aेेपेजंदज. त्महपेजतंत

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