Reassessment based on re-appreciation of facts already available on record is invalid

Bombay Real Estate Development Co. P. Ltd. Vs ITO (ITAT Mumbai) The assessee, Bombay Real Estate Development Co. P. Ltd. is engaged in the business of real estate. For the year under consideration, assessee filed its return of income declaring total loss of Rs. 33,85,526. The assessee is engaged in the activity of development of one ongoing project at Kandivali i.e., Evershine Millennium Paradise and has unsold flats in two projects known as Hillview Park and Viceroy Court, wherein no flat was sold during the year. Further, no construction activity during the year was undertaken as the entire ...