2018 (2) TMI 1538

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.... housing projects. For the assessment year 20102011, the petitioner had filed the return of income on 28.9.2010 declaring gross total income of Rs. 1.36 crores and after claiming deduction of Rs. 1.10 crores under section 80IB( 10) of the Income Tax Act, declared a total income of Rs. 25.73 lacs. Such return was taken in scrutiny. The Assessing Officer raised multiple queries including calling for the details of housing projects completed by the assessee and the allotment of shops and houses in such complex. The petitioner duly complied with such questions. The Assessing Officer thereupon passed the order of assessment under section 143(3) of the Act on 27.11.2012. 3. To reopen such assessment, the Assessing Officer issued the impugned n....

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.... Thus, during the course of assessment proceedings for the asst. year 201314 it was proved and also it was admitted by the assessee that the assessee has allotted flat no. 403 and 404 at Tower A/9 Spring Wood Residency to Shri Gauttam Kantibhai Patel and Smt. Bhavana Gauttam Patel respectively, who are husband and wife. Accordingly, the claim of deduction u/s 801B(10) of the Act amounting to Rs. 1,56,40,674/was disallowed and added back to the total income of the assessee. For claiming deduction u/s. 8OIB(10), the assessee has to fulfill all the conditions laid down in all the clauses below section 801B(10) of the Act. In this case, as stated herein above that the assessee has violated the provision of clause (f) subclause (i)....

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....d. Any attempt on part of the Assessing Officer to make change in such assessment would be change of opinion. Counsel lastly contended that in any case, merely because there was some alleged breach in the allotment of completed units of the residential complex by the assessee would not disentitle the assessee from claiming the deduction during earlier years. 5. On the other hand, learned counsel Shri Varun Patel for the department opposed the petition contending that the Assessing Officer had recorded proper reasons. During the assessment of assessment year 20132014, it was found that the petitioner had made allotment of two residential units in favour of husband and wife which was in breach of conditions. The claim of deduction was ther....