2024 (3) TMI 1481

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.... 2. The petitioner, which is a partnership firm engaged in the business of developing real estate, had filed its return of income on 28.09.2013. Pursuant to a search conducted at the premises of Mr.K.S.Thirumalaivasan, a partner of the petitioner firm, on 11.10.2012, loose sheets were recovered. These documents indicate that the petitioner had entered into a joint development agreement on 14.06.2010 with one Mr.M.S.Vijayakumar and his family in respect of development of a bare land at Alandur, Thiru-vi-ka Industrial Estate, Guindy. After recording a satisfaction note on 27.03.2019, a notice under Section 153C was issued to the petitioner. Eventually, the impugned assessment order was issued on 30.12.2019. 3. Learned counsel for the petiti....

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....r Section 153C. Therefore, he contended that the proceedings are not barred by limitation. Since the proceedings are not barred by limitation, learned junior standing counsel contended that the petitioner should be relegated to the statutory remedy of filing an appeal and that no case is made out for interference under Article 226 of the Constitution of India. 6. The petitioner averred in the affidavit that the return of income for assessment year 2013-2014 was filed on 28.09.2013. The search operation admittedly took place on 11.10.2012 at the premises of Mr.K.S.Thirumalaivasan. It is not disputed that the assessing officer for Mr.K.S.Thirumalaivasan and the petitioner's assessing officer were the same person. In those circumstances, ....

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....decided to quit from the project and cancel the Joint Development Agreement on payment of Rs. 1,20,00,000/- in lieu of Rs. 1,00,00,000/- paid by it. However, since the sellers were not in a position to refund the security deposit, a portion of the land admeasuring 1869 sq.ft. was offered by the sellers and the same was registered in the name of M/s.Sree Sathyanarayana Enterprises in which Shri.K.S.Thirumalaivasan and his spouse, Smt.T.Parvatham are Partners. Smt.T.Parvatham is the other Partner in the assessee firm. 7.3 However, notings in page no.9 of the seized diary establishes the fact that the value of the said property is Rs. 1,67,50,000/-. The page no.9 is scanned and appended below: 7.4 It is clear from the above diary page no.9....