M/S GREATER NOIDA INDUSTRIAL DEVELOPMENT AUTHORITY Vs. PR. CIT, NOIDA

Parties Involved

Facts Summary

The assessee, M/S GREATER NOIDA INDUSTRIAL DEVELOPMENT AUTHORITY, is engaged in infrastructure development. No return of income was filed by the assessee initially, leading to notices under section 142(1) being issued. The assessee subsequently filed its return claiming exemption under section 10(20) of the IT Act, 1961, which was rejected as the activities were deemed commercial. The Assessing Officer determined taxable income at Rs. 411,89,24,223/- on 25.03.2015. The Principal Commissioner of Income Tax (PCIT) passed an order under section 263, alleging that the assessment order was erroneous and prejudicial to the revenue due to non-computation of interest on advances. The assessee appealed against this order.…

Legal Issues

• 1. Whether the order under appeal is a mere change of opinion by the Ld. PCIT.
• 2. Whether the assessment order was prejudicial to the interest of revenue.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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