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2014 (12) TMI 928 - AT - Income TaxDeduction u/s 80IB – Income disclosed during survey treated as income from other sources – Held that:- A survey operation u/s 133A of the Act was conducted on 27.08.2009 - during the course of survey, loose documents marked as “BF-44” was found - assessee explained that in the file there are expense vouchers along with receipts of amounts received which is already recorded in the books of accounts - the only business of the assessee was of developing and building of housing project styled “Nilkanth Heights Project” - no material has been brought to show that the assessee was engaged in any other activity - during the course of survey, the assessee has categorically stated that the amounts mentioned in loose documents marked as “BF- 44” represents additional income of the said business - only on the basis of this declaration of the assessee, the income of the assessee of ₹ 1,25,00,000/- was accepted by the survey officials in the hands of the assessee and was assessed in the hands of the assessee - as per provisions of Section 80IB, deduction is allowable in respect of income derived from the eligible housing project - the business of the assessee of developing and building residential project in the name and style of “Nilkanth Heights Project” was eligible housing project u/s 80IB, statutorily allowable deduction to the assessee cannot be denied – Decided in favour of assessee.
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