Supreme Court of India
Commissioner of Income Tax 7 v. M/s Paville Projects Pvt. Ltd.
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What the Court ordered
In view of the above and for the reasons stated above, present appeal succeeds.
Judgment, page 11
From the headnote
Income Tax Act, 1961 – s.263 – Exercise of jurisdiction under – Respondent filed its income tax return for the AY 2007-08, wherein it showed sale of the property / building for an am ount of Rs.33 Crores – According to the assessee, property was sold to discharge encumbrances from the sale proceeds to pay off the sha reholders and therefore, the said discharge of encumbrances w as “cost of improvement” – Assessment accepted by AO u/s. 143(3) – How ever, the Commissioner invoked jurisdiction u/s. 263 of t he IT Act and held that the assessment order passed u/s.143(3) of the IT Act was
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