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It is not necessary that materials before AO should conclusively prove that income had escaped assessment: ITAT

July 28, 2020[2020] 117 taxmann.com 818 (Mumbai - Trib.)
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I. INCOME TAX: Where only during assessment of succeeding year, local authority intimated that Building Completion Certificate was not issued to housing project and further on verification Assessing Officer found that built-up area of certain flats was more than 1000 sq. ft., such information gathered subsequent to culmination of original assessment would be a bona fide reason to believe that income chargeble to tax had escapad assessment

II. INCOME TAX: Only a reason to believe is all that is relevant for reopening a concluded assessment; it is not necessary that material before Assessing Officer should conclusively prove that income chargeable to tax had escaped assessment

III. INCOME TAX: Where building completion certificate was not issued by local authority because assessee-builder had failed to construct and handover to city municipal corporation a D.P. Road as per 'Intimation of Disapproval' conditions, mere completion of construction of buildings could not be construed as completion of housing project

IV. INCOME TAX: Inner measurements of a residential unit as well as projection or balcony would form part of built-up area

V. INCOME TAX: Within a composite housing project, where there are eligible and ineligible units, assessee can claim proportionate deduction in respect of eligible units

VI. INCOME TAX: Higher GP rate cannot be a sole decisive factor for declining an assessee's claim of deduction under section 80-IB(10)

VII. INCOME TAX: Period during which lockdown was in force in view of COVID-19 pandemic, same would stand excluded for purpose of working out time limit for pronouncement orders

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