Bombay High Court
Shivshahi Punarvasan Prakalp Ltd vs Assistant Commissioner Of Income Tax ... on 4 November, 2019
Author: Nitin Jamdar
Bench: M.S.Sanklecha, Nitin Jamdar
itxa-1041-2017
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL NO. 1041 OF 2017
Shivshahi Punarvasan Prakalp Ltd., .. Appellant.
v/s.
Assistant Commissioner of Income Tax
Range 10(1) .. Respondent.
Mr. Nishant Thakkar with Mr. Hiten Chande i/b. Mint & Confreres, for the
Appellant.
CORAM: M.S.SANKLECHA &
NITIN JAMDAR, JJ.
DATE : 4th NOVEMBER, 2019.
P.C:-
Heard.
2 This Appeal relates to Assessment Year 2009-10.
3 Appeal admitted on the following substantial questions of law:-
"(a) Whether on the facts and circumstances of the case and in law, the Tribunal was justified in upholding the order of the CIT(A) who in turn confirmed Respondent No.2's order holding that the losses incurred in respect of the slum projects undertaken by the Appellant are to be allowed only in proportion to the work completed at the end of the relevant year without appreciating the fact that the Appellant had incurred loss by valuing its work-in-progress at cost or Net Realizable Value whichever is lower?
(b) Whether on the facts and in the circumstances of the case and in law, was the Tribunal's decision perverse inasmuch as it held that it is possible that the appellant in some cases my abandon the project in mid way and in that case no income may accrue to the appellant at all S.R.JOSHI 1 of 2 ::: Uploaded on - 06/11/2019 ::: Downloaded on - 06/11/2019 20:55:39 ::: itxa-1041-2017 disregarding the letters dated 31,01,2006 and 13.02.2006 issued by the SRA which were part of Paper-Book submitted to the ITAT stating that if a developer leaves any project in incomplete condition, he is liable to be prosecuted under the MRTP Act, and also incurs civil liabilities of returning the benefit that he may have received ?"
4 Registry is directed to communicate copy of this order to the Tribunal. This would enable the Tribunal to keep papers and proceedings relating to the present appeal available, to be produced when sought for by the Court.
To be heard along with Income Tax Appeal No. 353 of 2012 and other connected matters.
(NITIN JAMDAR,J.) (M.S.SANKLECHA,J.)
S.R.JOSHI 2 of 2
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