M/S. PADMAVATI DEVELOPERS,PUNE vs. INCOME-TAX OFFICER, WARD - 9 (3), PUNE

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ITA 647/PUN/2019Status: DisposedITAT Pune13 May 2022AY 2012-136 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision, following its own precedent that Sector 1 and Sector 7 were separate projects and the assessee was entitled to proportionate deduction for the completed portion of Sector 7.

What were the facts?

The assessee claimed deduction under Section 80IB(10) for its housing projects. The Assessing Officer disallowed the deduction, but the CIT(A) allowed it on a proportionate basis, following a previous Tribunal order.

What were the issues?

Whether the assessee is eligible for deduction under Section 80IB(10) on a proportionate basis for a housing project not fully completed by the stipulated date. Whether different sectors of a development can be treated as separate projects for the purpose of claiming deduction.

Which sections of the Income-tax Act were involved?

Section 80IB(10),Section 133A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH “B”, PUNE

Before: SHRI R.S. SYAL & SHRI PARTHA SARATHI CHAUDHURY

For Appellant: Shri Krishna Gujarathi
For Respondent: Shri Sardar Singh Meena and Suhas Dabade

आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अविकरण ,पुणे / ITAT, Pune

Date 1. Draft dictated on 12-05-2022 Sr.PS 2. Draft placed before author 12-05-2022 Sr.PS 3. Draft proposed & placed before the JM second member 4. Draft discussed/approved by Second JM Member. 5. Approved Draft comes to the Sr.PS/PS Sr.PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading order Sr.PS 8. File sent to the Bench Clerk Sr.PS 9. Date on which file goes to the Head Clerk 10. Date on which file goes to the A.R. 11. Date of dispatch of Order. *

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