By Ajay R. Singh, Advocate
8 Omega Investments and Properties Ltd. vs. Commissioner of Income Tax- 3
[Income Tax Appeal No. 127 of 2021 & W.P. No. 1217 of 2020 (Bombay High Court); Arising out of ITA No. 868/M/2016 order of Mumbai Tribunal dated 9th April, 2018 and Third Member decision of Mumbai ITAT MA No. 282/Mum/2018 order dated 13th November, 2019]
Date of order: 7th June, 2022
A.Y.: 2007-08
S. 254(2) - Rectification of mistake apparent on record – ITAT –- Not following coordinate bench decision in assessee’s own case The Assessee had undertaken a Slum Rehabilitation Project at Parel, Mumbai namely ‘Kingston Tower’. According to the Assessee, the project was initially approved by the Slum Rehabilitation Authority on 7th October, 2002. However, due to F.S.I. related issues, the Assessee filed an amended plan which was approved subsequently. A Letter of Intent for approval was issued on 16th April, 2004 and an amended intimation of approval for the project was issued on 4th June, 2004. The Assessee had filed a return of income for A.Y. 2007-08 declaring a total income of Rs. 22,050. The Assessee had claimed deduction u/s 80-IB(10) of Rs. 2,05,33,831. The assessment was completed on 15th May, 2009, and the deduction under particular provisions were granted. Subsequently, the case for A.Y. 2007-08 was reopened u/s 148 vide notice dated 17th December, 2012, and an order was passed by the AO on 7th March, 2014 against which the Ass
