The Asstt. Commissioner of Income Tax, Circle-1(2), Surat vs. M/S. Samruddhi Corporation, Surat
In the result, cross appeals of Revenue as well as Assessee are dismissed
ITA 3390/AHD/2016[2009-10]Status: DisposedITAT Surat17 Jul 2019AY 2009-10
Bench: Shri H.S. Sidhu & Shri O.P. Meenaassessment Year: 2009-10 Samruddhi Corporation, Vs. The Deputy Commissioner Of Megh Dhwani Complex, Income Tax, Circle-1(2), City Light Road, Surat – 395007. Surat. [Pan: Aaofm 5334 M] (Appellant) (Respondent) Assessment Year: 2009-10 The Deputy Commissioner Of Income Vs. Samruddhi Corporation, Tax, Circle-1(2), Surat. Megh Dhwani Complex, City Light Road, Surat – 395007. [Pan: Aaofm 5334 M] (Appellant) (Respondent)
Section 1Section 139(1)Section 143(2)Section 143(3)Section 147Section 148
…for taxation. In view of the above the assessee was asked to show cause as to why 25% of Rs.13,53,76,000/- i.e. Rs.3,38,44,000/- should not be added relying upon the case decision of Hon'ble Mumbai ITAT, in the case of Param Anand Builders Pvt. Ltd., Vs. ITO 59 ITD 29. In response to the same the Authorised Representative of the assessee filed its reply and raised the objection on issuance of notice u/s.147/148 of the Income Tax Act as well as on merits by stating that so long as sale deed has not executed and the amount received from the above parties only represented advance and the same was not taxable as no…
