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Income Tax Appellate Tribunal, “A” BENCH, PUNE
Before: SHRI R.S.SYAL, VP & SHRI PARTHA SARATHI CHAUDHURY, JM
आदेश / ORDER PER PARTHA SARATHI CHAUDHURY, JM:
This appeal preferred by the Revenue emanates from the order of the Ld. CIT(Appeals), Pune-5, Pune dated 10.05.2017 for the assessment year 2013-14 as per the following grounds of appeal on record :
“1. Whether on the facts and circumstances of the case, the CIT(A) was justified in holding that the assessee is entitled to a proportionate deduction on the profits of the eligible units which comply with the provisions of section 80IB(10). 2. The appellant craves to leave, add, amend or alter the ground(s) of appeal on or before the appeal is heard and disposed off.”
The brief facts in this case are that the assessee is a firm engaged in the business of promoter and developer of Real Estate Properties and dealing in Real Estate. The assessee filed its return of income on 29.09.2013 declaring total income of Rs.5,50,439/-. The case was selected for scrutiny under CASS and the required notices duly issued and served on the assessee. The assessee had claimed deduction of Rs.1,78,50,709/- u/s.80IB(10) of the Income Tax Act, 1961 (hereinafter referred to as „the Act‟). The Assessing Officer on verification of the details found that the assessee firm had not complied with the conditions laid down for claiming deduction u/s.80IB(10) of the Act. However, the Assessing Officer after considering the submission of the assessee did not accept the same and disallowed the deduction claimed by the assessee.
At the very outset, the Ld. AR for the assessee submitted that the issue raised in this appeal is covered by the decision of Pune Bench of the Tribunal in asessee‟s own case in for the assessment year 2012-13 wherein the assesse was allowed proportionate deduction on the profits of the eligible units as per provisions of Section 80IB(10) of the Act.
The Ld. DR conceded to these submissions put forth by the Ld. AR for the assessee.
We have heard the submissions and perused the order of the Tribunal in assessee‟s own case (supra.). We find that the Tribunal in its order in for the assessment year 2012-13 dated 09.07.2019 at Page 10, Para 11 on the issue has held as follows:
“11. The issue arising before us is similar to the issue before the Tribunal and following the same parity of reasoning and in view of clear mandate of the Legislature, the assessee is not entitled to claim any deduction under section 80IB(10) of the Act in respect of four flats against which there is violation of clauses (e) and (f) of Section 80IB(10) of the Act. However, the assessee is entitled to claim proportionate deduction in respect of balance flats sold by the assessee in the aforesaid housing project. Upholding the order of the CIT(A), we dismiss the ground of appeal raised by the Revenue.”
5.1 The Ld. CIT(Appeals) also agreed in his order that the issue has been decided in favour of the assessee in number of decisions by the Tribunal that assessee is entitled to proportionate deduction u/s.80IB(10) of the Act. This issue is no more Res-integra.
Parties herein submitted that the facts and circumstances involved in this appeal are absolutely identical and therefore, on same parity of reasoning, respectfully following our order in (supra.), we do not find any reason to interfere with the findings of the Ld. CIT(Appeals) and relief provided to the assessee is hereby sustained.
In the result, appeal of the Revenue is dismissed.
Order pronounced on 06th day of July, 2021.