Pr. CIT v. Vaman Estate - Taxpublishers.in

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The Tax Publishers2019 TaxPub(DT) 8048 (SC) : (2020) 269 TAXMAN 0196

INCOME TAX ACT, 1961

Section 261 Section 147

Where the Department preferred SLP to appeal against the judgment of Bombay High Court in Pr. CIT v. Vaman Estate [ITA No. 678 of 2016, dt. 27-11-2018] : 2018 TaxPub(DT) 7568 (Bom-HC), whereby the High Court held that during assessment, the assessee's claim of deduction was minutely examined by AO and no material was found anywhere to suggest that the development and construction of the housing project commenced before 1-10-1998, that even in fact all along, there was evidence suggesting that the commencement of construction of the housing project was some time in the year 2002, thus there was no failure on the part of assessee to disclose truly and fully all relevant facts, the Supreme Court dismissed the SLP on the ground of low tax effect. .

Appeal (Supreme Court) - Special leave petition - Reassessment - Full and true disclosure--Notice issued after expiry of four years

Department preferred SLP to appeal against the judgment of Bombay High Court in Pr. CIT v. Vaman Estate [ITA No. 678 of 2016, dt. 27-11-2018] : 2018 TaxPub(DT) 7568 (Bom-HC), whereby the High Court held that during assessment, the assessee's claim of deduction was minutely examined by AO and no material was found anywhere to suggest that the development and construction of the housing project commenced before 1-10-1998, that even in fact all along, there was evidence suggesting that the commencement of construction of the housing project was some time in the year 2002, thus there was no failure on the part of assessee to disclose truly and fully all relevant facts.Held: The Supreme Court dismissed the SLP on the ground of low tax effect.