BDR Builders And Developers Private Limited Vs ACIT (Delhi High Court)
BDR Builders and Developers Private Limited, a private limited company engaged in real estate, filed a writ petition challenging a notice issued under Section 148 of the Income Tax Act, 1961, and a subsequent order under Section 148A(d), related to the reassessment of income for the Assessment Year (AY) 2011-12. The company underwent amalgamation with several other companies from AY 2012-13. Initially, BDR Builders filed its original Income Tax Return (ITR) for AY 2011-12 on 13 September 2011, and later a revised ITR on 5 June 2012, declaring the same income.
The company’s case was selected for scrutiny, leading to an assessment order on 10 June 2013. A survey under Section 133A at the professional office of one of its directors was converted into a search, resulting in a notice under Section 153A of the Act. Consequently, another assessment order was passed under Section 153A read with Section 143(3) on 30 March 2016, with no additions to the initially assessed income.
Issuance of Reassessment Notice:
On 2 April 2018, the company received a notice under Section 148 to reassess income based on information from the Investigation Wing, Delhi, regarding transactions with a person named Mr. Manoj Sethi. The Assessing Officer (AO) claimed that transactions amounting to ₹9,50,00,000 with Mr. Sethi were not fully and truly disclosed by the petitioner, thus escaping assessment.
