Supreme Court of India
Asst. Commissioer of Income Tax. v. Omaxe Ltd.
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What the Court ordered
For the reasons stated above, we find no merit in the Appeal.
Judgment, page 30
In brief
The assessee, a real estate company, filed its return for AY 2006-07 declaring gross income and claiming a deduction of about Rs. 79 crores under Section 80IB(10) in respect of housing projects, following a search of its premises under Section 132 in September 2005. During the pendency of the regular assessment it applied to the Settlement Commission under Section 245C for AYs 2000-01 to 2006-07, surrendering an additional Rs.…
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