M/S. SURANA MUTHA BHANSALI DEVELOPERS,PUNE vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 11(2), PUNE

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ITA 2825/PUN/2017Status: DisposedITAT Pune02 July 2021AY 2010-116 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 held that the Revenue could not accept the surrender of 'on-money' as income and then deny deduction on the same grounds. The 'on-money' received from flat bookings was eligible for deduction under Section 80IB(10).

What were the facts?

The assessee, a builder, declared 'on-money' received from flat bookings as income during a survey. Later, it claimed deduction under Section 80IB(10) on this amount. The AO denied the deduction as buyers denied paying 'on-money'.

What were the issues?

Whether 'on-money' received by a builder from flat bookings, which was surrendered as income, is eligible for deduction under Section 80IB(10) of the Income-tax Act.

Which sections of the Income-tax Act were involved?

Section 80IB(10)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH, ‘A’ PUNE – VIRTUAL COURT

Before: SHRI R.S. SYAL & SHRI S.S. VISWANETHRA RAVI

For Appellant: Shri Vardhaman Jain
For Respondent: Shri Vitthal Bhosale

आदेश की प्रतितिति अग्रेतिि/Copy of the Order is forwarded to: 1. अपील र्थी / The Appellant; 2. प्रत्यर्थी / The Respondent; 3. The CIT(A)-4, Pune 4. The Pr.CIT-3, Pune 5. DR, ITAT, ‘A’ Bench, Pune 6. ग र्ड फ ईल / Guard file.

आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अदिकरण ,पुणे / ITAT, Pune Date 1. Draft dictated on 01-07-2021 Sr.PS 2. Draft placed before author 02-07-2021 Sr.PS 3. Draft proposed & placed before JM the second member 4. Draft discussed/approved by JM Second Member. 5. Approved Draft comes to the Sr.PS Sr.PS/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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