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2013 (11) TMI 463 - AT - Income TaxPenalty u/s.271(1)(c) – The assessee had undertaken the construction of building commonly known as 'Haridas Park', with Wings 'A' to 'G' - The construction of the Wings C & D, part of which was sold during the year, the construction of which commenced only after 01.10.1998 - Held that:- The construction of the Wings A to D started much subsequent to the other part of the project, so that it was considered as Phase 2 of the project - The long time lag (of over a decade) between the construction of the two phases of the project, the second phase required extensive modification of the plans - The assessee have a reasonable ground for believing that the construction of Wings A to D formed a separate project by itself and eligibility of the project for deduction u/s 80-IB (10) – Decided in favour of assessee.
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