Law:

Section:

Manish J. Shah, for the Petitioner. K.M. Parikh for the Respondent. JUDGMENT 1 D.A. Mehta, J. - Rule. The learned advocate for the respondent in each of the petitions is directed to waive service and the petitions are taken up for final hearing and disposal today considering the scope of the controversy. The three petitions involve the assessment years 2000-01, 2001-02 and 2002-03 respectively. 2. The petitioner, a private limited company, is engaged in the business of developing land and construction of residential and commercial buildings. 3. For the assessment year 2000-01, the return of income under section 139 of the Income-tax Act, 1961 (the Act), was filed on November 30, 2000. The return of income was accompanied by the audited profit and loss account, balance-sheet, etc. For the assessment year, the acknowledgment receipt dated November 30, 2000, was the only communication for showing that the assessment had been completed under section 143(1) of the Act. 4. For the assessment year 2001-02, the return of income was filed on October 31, 2001. The respondent authority made an inquiry regarding cost of construction in relation to the projects and a detailed reply dated January 11, 2003, was filed on behalf of the petitioner. The details called for were supplied at item No. 9 of the said reply. After considering the details and the explanation tendered by the assessee, the Assessing Officer did not accept the books of account and worked out the net profit at the rate of 10 per cent, of receipts of a sum of Rs. 1,10,86,447. This was carried in appeal and was confirmed by the Commissioner (Appeals), vide order dated June 16, 2003. The order made by the Commissioner (Appeals) was further challenged by way of second appeal before the Tribunal and the action of the Assessing Officer in rejecting the book result was also confirmed by the Tribunal. 5. In so far as the assessment year 2002-03 is concerned, the return of income was filed on October 21, 2002. Once again an inquiry was made by the Assessing Officer on August 19, 2004 (exhibit B), calling for details of construction work including total plot area, total construction area, total number of units along…

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