GEOPRENEUR REALTY PRIVATE LIMITED Vs. UNION OF INDIA

JUDGEMENT

(1.) Petitioner is impugning a notice dated 30 th March 2021 issued under Sec. 148 of the Income Tax Act, 1961 (the Act) for Assessment Year 2017-2018.

(2.) Petitioner is engaged in the business of real estate development and construction. For Assessment Year 2018-2019 petitioner filed its return of income on 30/10/2017, which was revised on 1/6/2018, declaring a total loss of Rs..001,41,16,482.00. Petitioner's case was selected for scrutiny assessment and notices were issued under Sec. 142(1) read with Sec. 129 of the Act. Petitioner responded to the notices and also filed documents. An assessment order dtd. 20/12/2019 came to be passed in which petitioner's loss was assessed at Rs..001,05,42,877.00.

(3.) Subsequently petitioner received a notice dated 30 th March 2021 under Sec. 148 of the Act that there are reasons to believe that petitioner's income chargeable to tax for Assessment Year 2017-2018 has escaped assessment. Petitioner was also provided reasons for reopening of assessment. The reasons read as under :