Case Law Details
Darshana Anand Damle Vs DCIT (Bombay High Court)
Introduction: In a notable legal case before the Bombay High Court, the dispute revolves around a land development agreement and its tax implications. Darshana Anand Damle, the petitioner, challenged the reopening of her assessment by the Income Tax authorities for the Assessment Year 2013-14. This article provides a detailed analysis of the case and its key aspects.
Detailed Subheading Wise Analysis
1. Background of the Case: The petitioner, an individual, filed her income tax return for the Assessment Year 2013-14, declaring a total income of Rs. 2,32,81,270. However, her case was selected for scrutiny, leading to a notice under Section 143(2) of the Income Tax Act, 1961.
2. Development Agreement: During the Financial Year 2012-13, corresponding to the assessment year in question, the petitioner, along with other co-owners, entered into a Development Agreement with Sai Ashray Developers for the development of land in Chikhloli, Ambernath. This agreement became a crucial point of contention during the assessment proceedings.
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