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× Latest Case Laws on Income Tax by various Income Tax Appellate Tribunals in India

These are the latest case laws decided by various Income Tax Appellate Tribunals (ITAT) of India on Income Tax which have been published recently. The case laws are open for discussion and we invite expert comments from our members on its applicability and effect on relevant issues.

08-01-2019, AG8 Ventures, Section 80IB(10), 14A, Tribunal Indore

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5 months 1 week ago #8306 by amit
Section - 80IB(10), 14A
Order Date - 08-01-2019
Favouring - Assessee allowed for statistical purposes
Court - Tribunal Indore
Appellant - DCIT
Respondent - AG8 Ventures Ltd.
Justice - KUL BHARAT JM & MANISH BORAD AM
Citation - 119Taxpundit103
Appeal No. - ITA No.472&473/Ind/2015
Asstt. Year - 2007-08 & 2010-11

Order

PER : KUL BHARAT, J.M:

These two appeals by the revenue and cross objection by the assessee are directed against two different orders of the CIT(A), Bhopal, both dated 23.3.2015 pertaining to the assessment years 2007-08 & 2010-11. Since identical grounds have been raised, both the appeals and cross objections were taken up together for the sake of convenience and brevity. First we take up ITA No.472/Ind/2015, wherein the revenue has raised following grounds of appeal:

“Whether on the facts and in the circumstances of the case the CIT(A) erred in deleting the addition of Rs.65,41,636/- made under section 80IB(10) of the Income Tax Act, 1961.”

2. The only effective ground in the revenue’s appeal is against deletion of addition of Rs.65,41,636/- made on account of disallowance of deduction u/s 80IB(10) of the Income Tax Act, 1961 (hereinafter called as ‘the Act’). The facts in brief are that the case of the assessee was reopened for assessment and the assessment u/s 143(3) r.w.s. 147 of the Act was framed vide order dated 7.3.2013. The A.O. after considering the submissions disallowed claim of deduction u/s 80IB(10) of the Act in respect of M/s. Aakriti Eco City Project and made addition accordingly.

3. Aggrieved by this the assessee preferred an appeal before Ld. CIT(A), who after considering the submissions deleted the addition made on account of disallowance of deduction u/s 80IB(10) of the Act holding that the assessee is entitled for deduction u/s 80IB(10) of the Act.

4. Against this, the revenue is in appeal before this Tribunal. Ld. D.R. vehemently argued that Ld. CIT(A) was not justified in deleting the addition. He submitted that the A.O. has brought out material facts to infer that the deduction is not available to the assessee. Ld. D.R.strongly supported the order of the A.O. and submitted that it has been categorically observed by the assessing officer that the assessee had taken permission from Municipal Corporation, Bhopal on 17.1.2006. the said permission was taken in the land admeasuring area of 5.34 acres. It is noted by the A.O. that permission from Nagar Nigam was taken on 17.1.06. However, the land was acquired on 28.4.06 and 6.8.2007. Thus, the permission was taken from the Nagar Nigam even when the lands were not acquired by the assessee. It was observed by the assessing officer that the permission was in the name of the assessee for which the lands were not owned by it. Therefore, the A.O. was of the view that the permission was not validly issued. It is therefore inferred that when the permission was not validly issued, therefore completion certificate for the same would also not be validly given. Therefore, the A.O. disallowed the claim of deduction and

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