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2013 (6) TMI 571 - AT - Income TaxProject completion method rejected by the AO - Held that:- As decided in assessee's own case [2012 (12) TMI 808 - ITAT, MUMBAI] AO accepted the fact that on completion of project, the assessee has offered the income to tax after claiming the deduction u/s 80 IB(10). Therefore when the assessee offered the income to tax from the entire project which has been adopted by the AO for estimation of the income for the year under consideration, then this fact goes to prove that there is no difference in the rate of profit declared by the assessee for the A.Y and the rate adopted by AO for the year under consideration. Thus there is no revenue effect and the income offered by the assessee on completion of the project is revenue neutral. In favour of assessee. Measurement of the plot of the project - Held that:- As a consequence of the directions of the coordinate Bench in assessee's own case [2012 (12) TMI 808 - ITAT, MUMBAI] it was submitted that the verification was assigned to the valuation cell of the department, who submitted the report on 19.03.2013. According to the annexure to the report, the actual size of the plot is 4097.81 sq. mt., which is more then one acre and certified as such by Shri Suresh Thavrdasani, Asst. Valuation Officer, Income Tax Department, Thane, AO is directed to provide full benefit, in so far as the deduction is concerned. In favour of assessee.
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