2018 (10) TMI 716

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....rnish return of income within the time allowed under Section 139(1) of the Act. Notice was issued under Section 142(1), requiring the assessee to file return. Thereafter, the assessee furnished return on 10.11.2014 declaring business income of Rs. 20,64,84,209/-, which was claimed as exempt income under Section 10(20) of the Act. The Assessing Officer held that the assessee was not entitled to exemption under Section 10 of the Act. During the course of assessment proceedings, it was noticed that the assessee claimed deduction on account of reserve for future development; reserve for special projects; reserve for greens; and reserve for urban renewal and upgradation funds, totalling in all to a sum of Rs. 796.07 crore. The Assessing Officer ....

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....ecord. Section 263 of the Act empowers the CIT to revise an assessment order which is erroneous and prejudicial to the interest of Revenue. Twin conditions set out in the section, viz, the assessment order, being, erroneous and prejudicial to the interest of the Revenue, must co-exist so as to clothe CIT with the revisionary power. It is the trite law that if only one of the conditions is fulfilled in a particular case, it goes out of the purview of the revision. 4. It is an admitted position that the claim of the assessee for its entitlement to exemption u/s 10(20) of the Act has been eventually jettisoned. It is seen that the assessee filed belated return of income outside the time prescribed u/s 139(1) of the Act. As such, no loss det....