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2014 (12) TMI 49 - AT - Income TaxAllowability of deduction u/s 80IB(10) Undisclosed income on extra work done for addition amenities/internal alterations Held that:- As decided in assessees own case for the earlier assessment year, it has been held that, since the surrender of additional income was made in other cases and the issues of joining the flats to make them bigger flats exceeding 1000 sq. ft. were the subject matter of other assessees and other years of the assessee, the details were called for thus, the assessee is eligible for the claim of deduction u/s 80IB(10). Whether there was a retraction of the statement given by the managing partner to not to include the amount of ₹ 95,00,000/- in the amount qualifying for deduction u/s 80IB(10) Held that:- The CIT(A) has concluded that the AO has not brought any new facts for the year under consideration - The facts that emerged at the time of survey u/s 133A. Whether the source of ₹ 95,00,000/- is the business of the assessee or something else Held that:- It is a settled line of adjudication that any claim for deduction under Income Tax Act are dependent upon the conditions laid down under the provisions of the Act and there are requisite formalities which are required to be done as per the law - once these conditions are fulfilled, the assessee is entitled for statutory deduction or claim to which he is entitled to - Mere consent or acquiescence by the assessee cannot take away the otherwise a legitimate claim to which he is entitled to - an admission or acquiescence cannot be a foundation for assessment where the income is returned under erroneous impression or misconception of law - even though the assessee had surrendered its claim before the AO relying upon CIT vs Sheth Developers (P) Ltd. [2012 (8) TMI 159 - BOMBAY HIGH COURT] - the assessee surrendered the income, whose only source, was the business of the assessee - the claim of the assessee to include ₹ 95,00,000/- in the computation of deduction u/s 80IB(10) is in accordance with law and must be allowed. Whether the statement given oath u/s 133A is binding and cannot be retracted Held that:- Statement given u/s 133A is not on oath - the statement made by the managing partner to not to include the amount of ₹ 95,00,000/- in the claim of deduction would have no relevance, first on the fact that the statement was made u/s 133A - even if the statement was recorded on oath, the assessee has prerogative to change his/its stand, after taking into consideration the facts that emerge from the papers seized or impounded - the disclosure is off shoot of survey carried out on 11/10/2005 on the same group Decided against revenue.
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