GIOVANNI JOHN MANUEL VAZ,VASCO-DA-GAMA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 1,, MARGAO

In the result, the appeal of the assessee is dismissed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalassessment Year: 2001-02 Giovanni John Acit, Circle-1, Margao Manuel Vaz Vs. Karma Plaza, Vasco-Da- Gama, Goa - 403701 Pan: Acepv 5611 J (Appellant) (Respondent) Present For: Appellant By : None Respondent By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 15.06.2022 Date Of Pronouncement : 02.09.2022 O R D E R Per Girish Agrawal: This Appeal By The Assessee Is Arising Out Of The Order Of Ld. Cit(A)-1, Panaji In Ita No.53/Mrg/2007-08 Dated 02.07.2018 Against The Order Passed By Ito, Ward-5, Margao U/S 271(1)(C) Of The Income- Tax Act, 1961 (Hereinafter Referred To As The ‘Act’) For A.Y. 2001-02. 2. The Grounds Taken By The Assessee In The Present Appeal Are Reproduced As Under:

section 5A of the Act. Assessee is in the business of hotels, real estates and constructions having eight proprietary concerns for which he maintains separate profit and loss accounts and balance sheets. Return was filed by the assessee on 13.10.2001 reporting a total income of Rs. 2,80,800/-. In the course of assessment u/s