M/s. TCG Development India Pvt. Ltd., New Delhi vs ITO, New Delhi

This appeal concerns TCG Development India Pvt. Ltd. and their tax case for Assessment Year 2006-07. Initially, their declared loss was accepted. However, the case was later reopened under section 147, leading to a revised assessment that determined a total income of Rs. 14,52,096/-. The assessee's appeal to the CIT(A) was dismissed, and they have now brought the matter before the Income Tax Appellate Tribunal.

IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH ‘C’, NEW DELHI

BEFORE SH. BHAVNESH SAINI, JUDICIAL MEMBER
AND
SH. ANIL CHATURVEDI, ACCOUNTANT MEMBER
(THROUGH VIDEO CONFERENCING)

ITA No.6752/Del/2014 for A.Y. 2006-07

TCG Development India
Private Limited,
100 Ground Floor,
Okhla Industrial Estate,
Phase-III,
New Delhi-110020
PAN-AAACT2836J
(APPELLANT) 

Vs.
Income Tax Officer,
Ward-16(1), New Delhi
(RESPONDENT)

Assessee by Sh. Atul Ninawat, CA
Revenue by Ms. Parul Singh, Sr. DR
Date of hearing: 18/11/2020
Date of Pronouncement: 23/11/2020

ORDER

PER ANIL CHATURVEDI, AM:

The present appeal filed by the assessee is directed against the order dated 31.10.2014 of the Commissioner of Income Tax (A)-19 , New Delhi relating to Assessment Year 2006-07.

2. The relevant facts as culled from the material on records are as under:

3. Assessee is a company which is stated to be engaged in Real Estate Development and Project Management Consultancy Services. Assessee filed its return of income for Assessment Year 2006-07 on 06.12.2006 declaring loss of Rs. 4,70,809/-. The case was selected for scrutiny and initially the assessment was framed under section 143(3) vide order dated 30.12.2008 and the returned loss was accepted. Subsequently, the case was reopened under section 147 and notice under section 148 was issued and in response to which assessee vide letter dated 12.04.2013 submitted that the original return filed by it on 06.12.2006 be treated as return of income in response to notice under section 148 of the Act. Thereafter, the case was taken up for scrutiny and consequently the assessment was framed under section 143(3) read with section 147 vide order dated 26.02.2014 and the total income was determined at Rs. 14,52,096/-.

4. Aggrieved by the order of the AO, assessee carried the matter before the CIT(A) who vide order in appeal no. 417/2013-14 order dated 31.10.2014 dismissed the appeal of the assessee.Aggrieved by the order of the CIT(A), the assessee is now before us and has raised the following grounds:-

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