TaxTMI 
TaxTMI 
2019 (6) TMI 997
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....ing to reopen the assessment of the petitioner for the assessment year 2011-12. 2. The facts stated briefly are that the petitioner submitted its return of income for the assessment year 2011-12 on 31.08.2011 computing the gross total income at Rs. 1,10,66,146/and claimed deduction of Rs. 79,91,226/under section 80IB of the Act resulting into a total income of Rs. 30,74,920/. The petitioner also filed an audit report under section 44AB of the Act in Form No.3CB and Form No.10CCB, being the audit report for claiming deduction under section 80IB of the Act. The return of income was accepted as such, as no scrutiny assessment was carried out in pursuance of the return filed under section 139(1) of the Act. 3. Thereafter, the respondent i....
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....and hence, there was no failure on the part of the petitioner to disclose truly and fully all materials facts necessary for its assessment. Therefore, the assumption of jurisdiction on the part of the Assessing Officer is without authority of law, and hence, the impugned notice deserves to be quashed and set aside. 5. On the other hand, Mr. Varun Patel, learned senior standing counsel for the respondent, placed reliance upon the averments made in the affidavitinreply filed on behalf of the respondent, wherein it has been stated that the Assessing Officer, on the basis of information gathered during the assessment proceedings for assessment year 201314, has observed that the petitioner - assessee had sold Flat No.403 to Shri Gautam K. Pat....
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....nent to note that upon receipt of the reasons recorded, the petitioner raised objections pointing out that the flats under consideration, namely, Flats No.403 and 404, were sold to related parties in assessment year 2013-14, which cannot be considered to disallow the claim under section 80IB(10) of the Act in the earlier years; that at the time when the petitioner filed the return of income for assessment year 201112, it was not aware that flats would be sold to related parties subsequently; as assessment under the Incometax law is independent and separate for each assessment year, the disallowance cannot be made applicable to the whole project. It was also contended that the provisions of clauses (e) and (f) of section 80IB(10) of the Act ....
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....that assessment year. Insofar as assessment year 2011-12 is concerned, the assessee had duly complied with the requirements of section 80IB(10) of the Act and was therefore, entitled to the deduction claimed thereunder. However, now, the Assessing Officer seeks to reopen the assessment and disallow such deduction on the ground that in the previous year relevant to assessment year 2013-14, the petitioner had sold flats to related persons. In the opinion of this court, if, in the year 2013-14, any event has taken place that disentitles the petitioner from claiming deduction under section 80IB(10) of the Act, it would relate to that year alone. The assessments of the earlier years wherein deduction had been allowed because the petitioner/asses....