2024 (2) TMI 609

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....Income Tax Act, 1961 ("the Act") to the tune of Rs. 21,53,45,489/-. The scrutiny assessment under Section 143(3) of the Act was completed at 25th March 2013 determining total income at Rs. 3,09,060/- 2. Petitioner thereafter received a notice dated 16th March 2015 under Section 148 of the Act stating that there was reason to believe income for AY 2010-11 has escaped assessment within the meaning of Section 147 of the Act. Reasons recorded for issuance of notice was also made available to Petitioner. The reasons recorded reads as under: "REASONS RECORDED FOR ISSUE OF NOTICE UNDER SECTION 148 OF THE INCOME TAX ACT, 1961. 1. The assessee filed return of income on 30.09.2010 declaring income of Rs. 3,01,791/- after claiming deduc....

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....xemption. However the assessee has not yet been granted the final occupation certificate by the concerned Municipal Corporation, Therefore, the assessee has failed to complete the requirement stated in the section 80IB(10) of the Act towards time limit for completion of the housing project. 5. It has also been observed from the record that the built up area of some of the flats have exceeded the limit of 1000 sq. ft. prescribed in the Act by virtue of closed balcony, which was not counted / included in the certificate of the architect. Further, the said project falls within 25 Kms. from the municipal limits of Mumbai. As the assessee has failed to fill some of the conditions of section 80IB of the Act, the assessee is not eligible ....

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....ection 143(2) of the Act were issued and served upon Assessee from time to time along with questionnaires. Assessee had also responded. In the assessment order the details of the project have been stated. It is also stated that Assessee was claiming deduction under Section 80IB of the Act in respect of income received from sale of flats in buildings of Rs. 21,53,45,489/- that Assessee had declared from residential units of buildings No. 3,4,7 and 8 of Rs. 42,59,20,940/- and declared profit of Rs. 2,15,34,489/- subject to claim of deduction under Section 80-IB of the Act. There is also a note on deduction under Section 80-IB of the Act, where the residential buildings No. 3,4,7 and 8 have been discussed. Therefore, once a query is raised dur....