ACIT-24(1), MUMBAI, PIRAMAL CHAMBERS vs. ATUL PROPERTIES, MUMBAI

ITA 8042/MUM/2025Status: DisposedITAT Mumbai17 August 2026AY 2012-1324 pages
AI SummaryDismissed

What were the facts?

The assessee, engaged in real estate, did not claim deduction under Section 80IB(10) in its returns for AY 2012-13 and 2013-14 due to a belief that a Completion Certificate was mandatory by the due date, despite completing construction. The Revenue appealed the CIT(A)'s decision to allow the deduction.

What did the Tribunal hold?

The Tribunal held that the assessee's omission to claim the deduction was due to a bona fide belief, and considering the peculiar facts and subsequent clarification of law, the claim could be entertained. The condonation of delay by the CIT(A) was also upheld.

What were the issues?

Whether a deduction under Section 80IB(10) can be allowed when not claimed in the original return, and if a bona fide omission due to a misunderstanding of law can be condoned.

Which sections of the Income-tax Act were involved?

Section 80IB(10),Section 80A(5),Section 139(1),Section 139(5),Section 249(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI

Before: SHRI ANIKESH BANERJEE & SHRI BIJAYANANDA PRUSETH

For Respondent: Shri Naresh Jain (A/w) Akshay

Heard together (2 matters)

ITA 8042/MUM/2025
ITA 8043/MUM/2025

Read from the judgment's own cause title. This page is filed under one of them.

PER BENCH : Both the appeals pertain to the same assessee filed by the revenue against the order of the Ld. Commissioner of Income Tax (Appeals) ADDL/JCIT (A)1-Guwahati [for brevity “Ld. CIT(A)”], order passed under Section 250 of the Income Tax Act, 1961 (for brevity ‘the Act’) for Assessment Years 2012-13 and ITA 8042 & 8043/MUM/2025 ATUL PROPERTIES

2013-14, date of orders 29.09.2025

The order continues below.

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