HOME FINDERS HOUSING LTD , REP BY ITS CHAIRMAN & MANAGING DIRECTOR, K S RAMALINGAM Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) Introductory:-

(2.) The appellant is a real estate promoter. The appellant filed its return of income for the assessment year 2012-13. It was a nil income return. The assessment order for the assessment year 2012-13 was passed on 23 March 2015.

(3.) The Assessing Officer was of the view that the income chargeable to tax has escaped assessment for the assessment year 2012-1 The Assessing Officer therefore decided to invoke Section 147 of the I.T. Act and issued notice dated 16 October 2015 under Section 148 of the I.T. Act to the assessee. The Assessing Officer pursuant to the request made by the appellant, furnished reasons for invoking Section 147 of the I.T. Act. The appellant on receipt of reasons, submitted objections. The Assessing Officer without giving disposal to the objections, proceeded to hear the matter and ultimately passed the assessment order on 30 December 2016.