2015 (4) TMI 406

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....ection 132 of the Income Tax Act, 1961 was conducted on 21st January, 2003 at the residential and business premises of M/s. Keystone Realtors Pvt. Ltd. (for short 'KRPL') and M/s. Rustomjee Landmark Construction Pvt.Ltd. (for short 'RLCPL'). RLCPL is one of the group companies of KRPL. That is engaged in the real estate dealings. In the case of RLCPL, block assessment under section 143(3) read with section 158BD of the Income Tax Act, 1961 was completed on 31st March, 2005 by the Deputy Commissioner of Income Tax, Central Circle 10, Mumbai. During the course of search, certain evidence was found and seized from the office of RLCPL, which indicated that onmoney was received on sale of flats in two projects, namely, "Rustomjee....

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....dity of the order under section 158BD read with section 158BC of the Income Tax Act, 1961 for want of inherent jurisdiction. In the initial round of litigation ending in the Tribunal's order dated 2nd September, 2008, the Tribunal remitted the matter back to the Commissioner to examine the legality and validity of the proceedings. Pursuant to the order and direction of the Tribunal, the Commissioner examined it and answered the question framed against the Assessee. The aggrieved Assessee approached the Tribunal in the second round and pointed out that the precondition for invoking section 158BD is not satisfied. The Tribunal has found merit in such an objection. 4. The Tribunal extensively dealt with the rival contentions. After settin....