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HC : Absent revision, contractor cannot claim higher land cost deduction vis-a-vis original returns

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  • HC upholds Tribunal order, rejects assessee's claim for higher land cost deduction (i.e. 50% of sale consideration) on construction and sale of apartments, over and above cost disclosed in returns;
  • Appellate Authority, though on facts concluded that, land cost as per registered sale deed and CA Certificate was over 50%, he restricted same to claim made in returns by assessee (i.e. 45%), which was upheld by Tribunal; Relies on Division Bench ratio in Infinite Builders & Developers and Centum Industries Private Ltd.;
  • States, if assessee failed to avail benefit of revised return then, only return which is filed has to be considered by authorities; Observes, "nothing more than what is claimed by assessee in its return can be given by authorities, and if it permitted, then the assessing authority or appellate authorities would be given unfettered powers to grant any relief which may not even have been claimed by the assessee in its returns"
  • Karnataka HC
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