Question 1

What are the key legal issues in L.V. Beach City Property Promoters v. Asst. CIT – Central Circle – 2?

Accepted Answer

1. Whether the incriminating material seized from the premises of M/s. Usha Bala Group can be used to frame the assessment under section 153A of the Act against the assessee? 2. Whether the assessment order passed under section 153A of the Act is valid in law?

Question 2

What are the facts of L.V. Beach City Property Promoters v. Asst. CIT – Central Circle – 2?

Accepted Answer

The assessee, L.V. Beach City Property Promoters, a partnership firm deriving income from real estate business, filed its original return of income for A.Y. 2018-19 on 30.09.2018 admitting total income of Rs. 8,33,91,550/-. A search and seizure operation under section 132 of the Income Tax Act, 1961 was conducted in the group case of M/s. Usha Bala Group on 28.01.2021. Subsequently, a notice under section 153A of the Act dated 15.11.2021 was issued to the assessee. The Assessing Officer completed the assessment by making an addition of Rs.9,00,90,090/- based on incriminating material seized during the search and survey operations. The assessee filed an appeal before the Commissioner of Income Tax (Appeals) which was allowed. The revenue filed an appeal against the order of the Commissioner of Income Tax (Appeals).

L.V. Beach City Property Promoters v. Asst. CIT – Central Circle – 2

Parties Involved

Facts Summary

Legal Issues

Judgment Outcome

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