2016 (8) TMI 1010

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....r 2000, the appellant/firm was engaged in developing two housing projects on a plot bearing CTS No. 329 B(Part) of village Kondiwita in Andheri (East) Mumbai (hereinafter referred to as 'the said plot'). The said plot was acquired by the appellant originally as a capital asset but portion thereof was converted at different points of time into stock-in-trade. The appellant on 29.10.2001 filed its return of income for the Assessment Year 2001-02. After scrutiny of the said return of income, a notice dated 15.03.2007 was served on the appellant under Section 148 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') inter alia alleging that the appellant's income chargeable to tax for the Assessment Year 2001-02....

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....led by the appellant full disclosure of all the relevant facts was made. On this basis, it is further argued that it was merely a case of change of opinion which is not a valid ground for reopening of the assessment. In order to buttress his submission he has drawn our attention to the communication dated 10.02.2003 addressed by the appellant to the Assessing Officer. In para 11 thereof, there is a mention about the land in question. After going through the same, we are constrained to reject the aforesaid submission of the learned senior counsel for the appellant. In para 11, only the value of the land is stated and in support, a certificate from the registered Architect & Engineer is filed. It is clear from the above that this information....