Law: Income Tax Ordinance, 1979

Section: 24(ff),30,66-A,135

INCOME TAX ORDINANCE, 1979 (XXXL OF 1979)---Sections: 24(ff), 30, 66-A & 135 - Powers of IAC to revise Income Tax officer’s order - Deductions not admissible - Disposal of appeal by the Appellate Tribunal - AOP - Six members doing business of contractor - Built plaza on the plot of Cantonment board - Project was floated on Built operate transfer basis - Contract Agreement duly executed by the assessee and the cantonment board - Later on case was modified u/s 66-A of the Income Tax Ordinance 1979 - After de-novo proceedings the Assessing officer and the DCIT in second denovo proceedings passed order at an income of Rs. 60,20,874/- CIR(A) annulled the order in appeal - Validity - Deptt. challenged the order before Appellate Tribunal - FACTS Briefly the facts of this appeal are that the appellant is an AOP/URF having six members doing business of contractor. The appellant has built a plaza on the plot of Cantonment Board, namely Quaid-e-Azam Shopping Centre, Qasim Road, Hyderabad. This project was announced by the Cantt. Board, Hyderabad through newspapers and tenders. The appellant has quoted the highest bid of non-refundable premium payment of Rs.1,44,07,860/- as a cost premium for land utilization to admeasuring area of 23308 sq. ft. plus to construct the building thereon comprises of shops on the ground floor, consultation clinics on the mezzanines floor and two floors of flats. Since the project was floated on B.O.T. basis that is Built Operate - Transfer basis by the Cantonment Board, and such tender was accordingly floated, for which the assessee is the highest bidders. On the issuance of acceptance letter of bid offers in terms of Cantonment Board approval No.30, dated 16-12-1995. The assessee were directed to deposit an amount of 25% of the bid offer amounting to Rs.36,01,965/- which was done on 18¬12-1995. This amount was jointly adjusted by all the six (6) members and the assessee has availed tax amnesty scheme for the period under consideration. The contract agreement was duly executed between the assessee and the Cantonment Board on 15-02-1996 for the construction of this Centre on B.O.T. basis wherein it consisted of: 44 shops on the Ground…

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