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2014 (6) TMI 258 - AT - Income TaxDeletion of penalty u/s 271(1)(c) of the Act – Claim of deduction u/s 80IB of the Act –Addition in quantum appeal set aside - Held that:- Following Kamleshkumar Gandalal Shah C/o. Mehta Lodha & Company Versus ITO, Ward-9(2) Ahmedabad [2013 (11) TMI 726 - ITAT AHMEDABAD] - CIT(A) observed that the assessee has not properly utilized the area of the land and has not developed the area of land, because, as per permissible FSI, more number of residential units in multistoried buildings could have been constructed – Relying upon CIT Vs. Radhe Developers [2011 (12) TMI 248 - GUJARAT HIGH COURT] - lower authorities were not justified in disallowing the claim of deduction u/s 80IB of the Act – the AO is directed to allow deduction u/s 80IB(10) of the Act - in the quantum appeal the addition has been deleted, thus, the penalty does not survive – Decided against Revenue.
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