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2016 (2) TMI 276 - HC - Income TaxAddition on account of excess allotment of area while purchasing development rights from Hindustan Candle Manufacturing Co.Pvt.Ltd. - eligibility of sec 80IB - ITAT upholding the deletion the addition by CIT(A) - Held that:- As both the CIT (Appeals) and the Tribunal, have in their orders, rendered a finding that the Respondent – Assessee had fulfilled all conditions laid down in Section 80 IB(10) of the Act for housing project. Consequently, the entire profits from the housing project would be entitled to deduction thereunder. Thus, even if the amount of ₹ 1,32,000/- is added to the profits of the Respondent – Assessee as contended by the Revenue it would have no impact on the tax payable as the entire profit including the addition made would be entitled to deduction under Section 80 IB(10) of the Act. In the above view, the response to question (C) as proposed by the Revenue in the facts of the present case would be academic. Accordingly, it does not give rise to any substantial question of law, thus not entertained.
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