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2012 (11) TMI 704 - AT - Income TaxAddition of ‘on money based on the seized papers of estimated sales - Addition was made by the A.O. for the assessment year 1998-99 to assessment year 2004-05 which was deleted by CIT(A). But there is no mention of the present assessment year in the seized material. In assessment year 2005-06, the tribunal has deleted similar addition in assessee’s own case by following the Tribunal order for assessment year 2004-05 in which, it was held that in the absence of any cogent evidence, there is no scope for extrapolation. Since, in the present year also, there is no evidence regarding receipt of any on money, addition cannot be made on the basis of seized material relating to earlier year. By respectfully following the Tribunal decision in assessee’s own case, issue is decided in favour of the assessee - revenue’s appeal is rejected. Deduction u/s. 80IB – Held that:- Assessee is not the legal owner of the land and was carrying on the activity of developing and building housing project on a land which is not owned by him There is a complete identity between the assessee referred to in Section 80IB(S) and the undertaken referred to in section 80IB(10) and this identity becomes further clear from rule 18BBB prescribing the Form No. 10CCB of audit report to be furnished by the assessee by virtue of Section 80IB(13) r.w.s. 80IA(7) - matter may be restored back to the file of CIT(A) for a fresh decision - In the result, appeal of the revenue stands partly allowed for statistical purpose.
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