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8. Assistant Commissioner of Income Tax and Ors. Vs. Omaxe Limited
(2026) 190 taxmann.com 551(SC)
Reassessment – Notice under section 148 of the Act - Proposing to disallow the deduction under Section 80IB(10) of the Act, 1961 - ITSC passed an Order under Section 245D(4) of the Act, 1961 wherein the deduction under section 80IB(10) was allowed – Order of ITSC conclusive – Also, Application under Section 245D(6) of the Act rejected – Notice to reopen the assessment invalid
The Assessee, a Public Limited Company was engaged in real estate business. The Assessee filed its return of income on 30.11.2006 for the Assessment Year (AY) 2006-07.
On 22.09.2005, the Revenue, under Section 132 of the Act, 1961, conducted a search and seizure at the Assessee's business premises and the Associate Concerns, as well as the residential premises of its Directors.
On 30.11.2006, the Assessee filed the Return for the AY 2006-07, declaring taxable income of ₹89,20,76,630/- and claimed a tax deduction of ₹78,99,00,509/- [noted as ₹79,17,72,794/- in subsequent departmental proceedings] under Section 80IB(10) of the Act, 1961, in respect of the Housing Projects executed by the Assessee.
