AMALTAS ASSOCIATES Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) The petitioner has challenged a notice dated 30.06.2009 issued by the respondent Assessing Officer to reopen the petitioner's assessment for the assessment year 2005-06.

(2.) Brief facts are as under.

(3.) The petitioner is a partnership firm and is engaged in the business of development and construction of housing project. For the assessment year 2005-06, the petitioner had filed the return of income on 31.10.2005 declaring 'Nil' income after claiming deduction of Rs.86.99 lakhs (rounded off) under section 80IB(10) of the Income Tax Act, 1961 ('the Act' for short). Such return was taken in the scrutiny by the Assessing Officer, during which, he raised multiple queries including the following.