Dass Media (P) Ltd. v. ITO - Taxpublishers.in

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The Tax Publishers2021 TaxPub(DT) 0022 (Mad-HC) : (2021) 430 ITR 0419 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 ORDER 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. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2021 TaxPub(DT) 0022 (Mad-HC) : (2021) 430 ITR 0419

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

ORDER

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.