IN THE MADRAS HIGH COURT

ANITA SUMANTH, J.

Dass Media (P) Ltd. v. ITO

W.P. Nos. 34963 of 2019 and 4063 of 2020 and WMP Nos. 4800, 4803 of 2020 & 35746, 35748 & 35751 of 2019

15 December, 2020

Against Assessee.

Petitioner by: Suhrit Parthasarathy in both WP's

Respondents by: Hema Muralikrishnan, SSC

The petitioner is a company and had entered into an agreement for joint development in the capacity of a land owner with one M/s. Bashyaam Construction Pvt. Ltd. (BCPL) as developer. The petitioner filed a return of income (ROI) for assessment year (AY) 2014-15 on 04-3-2015 admitting a total loss. The return was not taken up for scrutiny. In its return of income for assessment year 2016-17, the petitioner had returned long term capital gain (LTCG) in regard to the project of joint development.