TaxTMI 
TaxTMI 
2022 (9) TMI 31
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..... The assessee is a partnership firm engaged in the business of Real Estate. The assessee firm filed its original Return of Income u/s. 139(1) for A.Y. 2010-11 on 13.09.2010 declaring Gross Total Income of Rs. 2,49,09,184/- and claimed deduction u/s. 80IB(10) on the entire amount declared. 2. During the course of search proceedings on Anshul Group on 28.03.2016, certain incriminating documents were seized which had a bearing on the determination on the total income of the assessee firm. Mr. Deepak Jagtap, a key person of the group, stated that the cash amount of Rs.25,00,000/- was received by M/s. Karan Tejraj Builders i.e. the assessee and the said cash was later withdrawn by Shri Deepak Jagtap. Thus, the said cash belonged to M/s. Karan....
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....2019 was issued and duly served on the assessee firm. In response to that Shri Navin Rander, CA and authorized representative attended on 05.02.2020 and also filed submission and explained the case. 6. After going through the submission of the assessee as well as evidences placed on record, it is a fact that the assessee firm had received an amount of Rs.25,00,000/- in cash. However, the claim of the assessee firm that the said amount was received from Shri Sagar Bagul for purchase of flat was not examined by the Assessing Officer at the time of the reassessment proceedings. The AO had not brought on record any independent inquiries regarding the cash received of Rs. 25 lakhs by the assessee firm from Shri Sagar Bagul and whether the same....
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.... exercising his revision jurisdiction thereby terming the regular assessment in issue dated 29.11.2017 as an erroneous one causing prejudice to interest of the Revenue. He sought to butteress the point in light of page 7 in the paper book containing the Assessing Officer's re-opening reasons that the sum in question of 25 lakhs had been derived from sale of flats entitled for section 80IB (10) deduction only. He also quotes the (2022) 136 taxmann.com(Mumbai) Reliance Payments Solution Ltd. V/s. PCIT dealing with the issue of exercise of sec. 263 jurisdiction. 4. The Revenue has strongly supported the PCIT's forgoing revision directions in issue. 5. We have given our thoughtful consideration to the assessee's vehement contentions and find ....