2023 (11) TMI 596

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....ained necessary building plans approved from the Thane Municipal Corporation (T.M.C.) and commenced construction of the new school building within the same premises. Petitioner entered into an agreement on a build, lease and transfer basis with one Global Edu-Infra Development Private Limited on 6th August 2015. As per the agreement petitioner was to grant lease hold rights of certain portion of the newly constructed buildings/premises for a period of 45 years to the developer. The ownership rights of the entire land as well as the superstructures was not parted with and same continues to belong to petitioner. The construction of new building/redevelopment of old building was completed during the Financial Year 2017-18 corresponding to Asse....

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....ncome could not be disallowed due to lack of documentary evidence. Petitioner filed a detailed reply that was accepted by the department and further notice dated 28th May 2021 under Section 142(1) of the Act was issued calling upon petitioner to show cause as to why the said income should not be disallowed on the non-compliance of TDS under Section 40(a)(ia) of the Act. Petitioner responded and subsequently an assessment order dated 27th August 2021 under Section 143(3) read with Section 144B of the Act was passed accepting the returned income of petitioner. 5. Prior to these events petitioner had filed a return of income for Assessment Year 2016-17 which was processed under Section 143(1) of the Act. A notice dated 31st March 2021 came ....