M/S. KHEMKA STUART LEISURE LTD.,,NEW DELHI vs. ACIT, NEW DELHI

ITA 2360/DEL/2015Status: DisposedITAT Delhi05 February 2026AY 2005-06Bench: Sh. Satbeer Singh Godara, Judicial Member & Sh. Naveen Chandra (Accountant Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Assessing Officer reassessed the income, but no addition was made for the year under consideration, leaving the issue of cash received for taxation in the year the project is completed. The CIT(A) upheld the assessment findings.

What were the facts?

The assessee company was engaged in the construction of AEZ Project Vaishali and filed its return of income. A search operation was conducted, and information from seized hard disks indicated the appellant received Rs.3,84,86,000/- in cash as advances. Consequently, reassessment proceedings were initiated under section 147/148 of the Income Tax Act, 1961.

What were the issues?

Whether the reassessment proceedings initiated under Section 148 were valid, and if the undisclosed income of Rs.3,84,86,000/- should be taxed in the assessment year 2005-06 or upon completion of the project.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147,Section 148,Section 139(1),Section 132,Section 153

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH ‘F’, NEW DELHI

Before: Sh. Satbeer Singh Godara & Sh. Naveen Chandra

For Respondent: Ms. Monika Singh, CIT-DR
Hearing: 05.02.2026Pronounced: 05.02.2026

Per Satbeer Singh Godara, Judicial Member:

This assessee’s appeal for Assessment Year 2005-06 arises against the CIT(A)-XXVII, New Delhi’s dated 27.11.2014, in case No. 407/13-14/CIT(A)-XXVII/2014-15, in proceedings u/s 143(3)/147 of the Income Tax Act, 1961 (in short “the Act”).

2.

Heard both the parties at length. Case file perused.

3.

The assessee’s main as well as additional/revised grounds raised in the instant appeal seeks to reverse both the lower authorities’ respective findings in assessment order dated 30.03.2013 as well as in the lower appellate discussion inter

2 Khemka Stuart Leisure Ltd.

alia initiating section 148 proceedings culminating in the

The order continues below.

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