2022 (11) TMI 1406

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....ls are identical, we hereby pass a consolidated order on the above captioned appeals, taking ITA No. 2081/Mum/2021 as a lead case. 3. The brief facts are that the assessee company is incorporated under the Companies Act, 1956 with the main objective of carrying of business of real estate development, including development and maintenance of industrial parts and SEZs. It is observed that the assessee company has its projects in Airoli, Navi Mumbai. 4. During the impugned year, the assessee filed its return of income dated 29.11.2014, declaring a loss of (-) Rs.26,46,45,710/- and filed its revised return of income dated 27.11.2015, declaring total income at (-) Rs.27,47,49,972/- under the heads: 1. House property Rs.15,22,69,385/- 2. Bu....

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....d the appeal filed by the assessee and confirmed the order of the A.O. by placing reliance on the following decisions: * All Cargo Logistics Ltd. [2012] 23 TAxmann.com 103 (Mum) (SB) * Continental Warehousing Corporation (Nhava Sheva) Ltd. [2015] 58 taxmann.com 78 (Bom) * CIT vs. Kabul Chawla 281 CTR 45 (Del) 10. The assessee is in appeal before us as against the order of the ld. CIT(A) in rejecting the claim of the assessee. 11. The ld. Authorized Representative (AR for short) for the assessee contended that the provisions of section 153A enables both the A.O./assessee to assess or reassess the 'total income' of the assessee. The ld. AR further stated that the lower authorities have failed to distinguish the facts of the case in ca....

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....in this proposition. 14. Having heard the rival submissions and perused the material on record, it is evident that the impugned year pertains to unabated assessment, which was not disputed by both the sides. It is pertinent to point out that the provisions of section 153A of the Act was enacted as a replacement to section 158BA, which dealt with assessment of 'undisclosed income' pursuant to the search operation. Section 153A, on the other hand, intends to assess or reassess the 'total income' of the assessee and does not restrict only to undisclosed income. 15. The assessee in present case has interpreted the 'total income' to be eligible to make a fresh claim which was not declared in the original return of income furnished u/s.139(1) o....