ACIT Vs Sri Mathikere Ramaiah Seetharam (ITAT Bangalore)
As has been submitted earlier, a search action u/s 132 was initiated on 23.08.2016 in the case of M/s MS Ramaiah Developers and Builders P Ltd. It has been stated at para 1 of the impugned assessment order that several documents were seized in the course of the search. It is further stated that ‘some documents had a bearing on total income’ of the Respondent. Vide letter dated 24.09.2018 the Respondent was provided with copy of the documents seized in the course of above search and which in view of the learned assessing officer had a bearing on the Respondent’s income. These seized document on the basis of which proceedings u/s 153C have been initiated in the Respondent’s case is nothing but Copy of Development Agreement between the Respondent and M/s. G Corp Homes Pvt Ltd (developer).
For the years under consideration, the Respondent had filed returns of income u/s 139 of the Act. For AY 2014-15, the Respondent’s return of income has been assessed u/s 143(3) of the Act. With respect to AYs 2015-16 and 2016-17, the returns filed were not selected for scrutiny and the time limit for issuance of notice u/s 143(2) of the Act had been expired. The details of which are as under:
