Real Estate Company Not a Shell Entity Merely Due to Low Turnover and Profits

Demas Developers Private Limited Vs ITO (ITAT Delhi) Reassessment Quashed Because AO Relied Solely on Investigation Wing Report; Reopening Invalid Because Reasons Were Based on Borrowed Satisfaction; Shell Company Allegation Rejected Because Assessee Owned Substantial Land Assets. The case concerned reassessment proceedings initiated against a real estate development company for Assessment Year 2012-13. The company, incorporated on 06.07.2010, was engaged in real estate development, including ownership, development, and maintenance of real estate. The relevant year was only its second year of ...