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Section 43CA Inapplicable to AY 2013-14; Reopening Quashed: Bombay HC
Case Law Details
- Case Name
- Zain Constructions Vs ITO (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All High Courts, Bombay High Court
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Zain Constructions Vs ITO (Bombay High Court)
The petitioner, a partnership firm engaged in real estate development, challenged a notice issued under Section 148 reopening the assessment for AY 2013-14 and the consequential reassessment order. The original assessment under Section 143(3) had followed a survey under Section 133A, during which the Assessing Officer found that certain flats had been sold below the stamp duty valuation and made an addition based on the partner’s statement and other material.
The reasons recorded for reopening relied on two grounds. First, the As...
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