SHIPRA ESTATE LTD AND JAI KRISHAN ESTATE DEVELOPERS PVT. LTD.,DELHI vs. ACIT, CIRCLE- 58(1), NEW DELHI

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ITA 2232/DEL/2019Status: DisposedITAT Delhi13 June 2019AY 2010-112 pages

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

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal set aside the penalty levied by the Assessing Officer. The department was granted liberty to levy penalty after the conclusion of the fresh proceedings as directed by the Tribunal.

What were the facts?

The Assessing Officer disallowed a deduction claimed by the assessee under Section 80IB. The ITAT had previously remanded the matter for re-computation of the deduction. Proceedings before the Assessing Officer were still pending.

What were the issues?

The primary issue was the penalty levied by the AO while the core deduction under Section 80IB was still under re-examination by the AO as per ITAT's remand order.

Which sections of the Income-tax Act were involved?

Section 80IB,Section 142(1)

AI-generated summary — verify with the full judgment below

Before: Shri H.S. Sidhu & Shri B.R.R. Kumar

Hearing: 12.06.2019Pronounced: 13.06.2019

ORDER Per B.R.R. Kumar, A.M.: In this case, the assessment has been completed on 14.02.2013 disallowing the deduction of Rs.9,87,39,565/- claimed by the assessee u/s. 80IB. The matter travelled upto the ITAT wherein the ITAT adjudicated the matter on 26.04.2018 with the directions to re-compute the deduction after examination of the issue afresh and determine the deduction.

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