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2018 (10) TMI 1670 - AT - Income TaxRevision u/s 263 - Deduction u/s.80-IB(10) to land owners - claim of deduction u/s.80-IB(10) has been made by both the land owner, being the assessee herein and the Joint Venture Partner, being M/s.Narendra Properties Ltd. - HELD THAT:- Land owner under similar circumstances would be entitled for the benefit of deduction u/s.80-IB(10) of the Act in the computation of the taxable total income. This view has been clearly expressed by the Appellate Authority and the ld. Assessing Officer has in the course of assessment followed such view expressed by the Appellate Authority, when granting the assessee benefit of deduction u/s.80-IB. Thus clearly the revision as done by the Commissioner of Income Tax u/s.263 of the Act is based exclusively on change of opinion, which is not permissible, when passing a revision u/s.263 of the Act. The Order u/s.263 is based purely on change of opinion and the same being impermissible under the provisions of the section 263, the order dated 29/03/2017 passed by the Principal Commissioner of Income Tax u/s.263 of the Act in the case of the assessee herein stands quashed. - Decided in favour of assessee.
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