FINDMY PROPERTY PRIVATE LIMITED VS. ITO, WARD 5(1)(3), NEW DELHI

Parties Involved

Facts Summary

The assessee, FINDMY PROPERTY PRIVATE LIMITED, is a company engaged in the real estate business on a fee or contract basis. The company filed its return of income for the assessment year 2018-19 on 06.03.2019, admitting a total income of Nil. The Assessing Officer (AO) passed an assessment order on 08.04.2021 under sections 143(3), 143(3A), and 143(3B) of the Act, making additions on account of commission expenses paid and loans amounting to Rs. 2,39,43,999/- under section 68 of the Act. The Com…

Legal Issues

• 1. Whether the action taken under sections 143(3), 143(3A), and 143(3B) of the Act and the consequent assessment framed is vitiated, without jurisdiction, and contrary to law.
• 2. Whether the CIT(A) erred in law and on facts in upholding the AO’s action in framing the impugned assessment order.

Precedents Relied Upon

Judgment Outcome