TaxTMI 
TaxTMI 
2007 (12) TMI 131
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....n 143(3) of the Act. determining the total income at Rs. 12,36,393 after allowing deduction under section 80-IB(10) of the Act. By the communication dated April 11, 2007, the petitioner's chartered accountant sought the reasons recorded for reopening the assessment. By communication dated April 12, 2007, the reasons were made available. Respondent No. 1 found that the assessee the petitioner herein had not correctly disclosed the actual assets of the plot used for construction and hence it was not entitled to deduction under section 80-IB(10). It was noted that the information regarding the actual size of the plot used for the construction of Giri Shikhar and Giri Centre was only available in the valuation report and hence the case is cover....
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....on 81-IB on the relevant date one of the requirements is that the size of the plot of land is a minimum of one acre. The petitioner in the declaration filed under section 80-IB(10) whilst claiming deduction had set out as under "The size of the plot of land is 4074.90 sq. yards, i.e., it is higher than one acre. The approved plan is attached herewith showing the size of the plot of land." 5. It is no doubt true that in so far as the plan annexed and the valuation report an existing building was shown and another a proposed building. In the valuation of property done by Doshi & Co., all that was set out is total F.S.I. area after deduction and the valuation. Pursuant to the notice by the Assessing Officer by communication of February, 10, ....
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....es and consequently Explanation 2(c)(iv) of section 147 of the Act will apply. The various judgments relied upon on behalf of the petitioner-assessee are distinguishable inasmuch as either there was no failure to disclose the full and true relevant information and/or it was merely a change of opinion. The question is whether the petitioner considering the size of the plot and part of it having already been developed could claim the benefit under section 80-IB(10) of the Income-tax Act. The issue as to whether the size of the plot of land has to be considered at the time the new construction is being put up or whether the building already constructed including various deductions like R. G. Area, set back had to be considered in computing the....