2014 (2) TMI 795

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....Counsel for Income Tax Department For the Respondent : Ms. Mamata Chowdary JUDGMENT (Per the Hon'ble the Chief Justice Sri Kalyan Jyoti Sengupta) I.T.T.A. No. 60 of 2010 This appeal was admitted for hearing without formulating substantial question of law as required to be done under Section 260-A of the Income Tax Act. After hearing the learned counsel for the parties, we are of the....

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....cepted such return. Therefore, we quote the relevant portion of the order of the Assessing Officer: "For the relevant previous year, the assessee was engaged in developing the Film project under the name and style of 'Ramoji Film City' at Anajpur, near Hyderabad. The business had not yet started. The assessee filed 'NIL' return of income on 30-11-1995. Notice U/s.143(2) was issued. The case was....

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....ment activities. That fact finding of the learned Tribunal is as follows: "On a conspectus of the matter, we are of the view that the income earned by the assessee was in the process of development of the project and therefore the factual matrix lend support to the claim of the assessee that the decision in the case of Bokaro Steels Ltd. (supra) is applicable to this case... ...As could be s....

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....re of capital one as it was connected with main activity. Accordingly, we think that this cannot be said to be income, as rightly held on fact finding by the Assessing Officer initially and thereafter by the Tribunal. We noticed that the learned Tribunal has taken a correct view of the matter as the Commissioner of Income Tax has no jurisdiction to reopen this case, because one of the two possible....