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2017 (10) TMI 922 - AT - Income TaxNon granting deduction u/s.80-IB(10) - unrecorded income towards on money - income disclosed was income of the assessee from the business or from other sources - assessee failed to prove the genuineness of undisclosed income of ₹ 1.1 crores earned from 80IB projects disclosed at the time of survey u/s.133A - Held that:- We find that the statement of the assessee was recorded on 08/10/2009 during the course of survey action carried out at the project of the assessee Laxmi Residency. We have also noticed from the contents of the assessment order that during the year the assessee firm has constructed a project called Laxmi Residency at Katargam,surat which was eligible for deduction u/s 80IB(10) of the act. In the assessment order the assessing officer has not demonstrated that apart from construction of Laxmi Residency the assessee was indulged in any other activities. The extracts of the statement indicate that the declared amount was earned from the project Laxmi Residency which was covered for survey action. In the statement as supra the assessee had stated that these amounts have been received as "on money" in respect of booking of above flats of Laxmi Residency and this amount was unrecorded income of Laxmi Residency for F.Y.2009-10. The affirmation of the assessee was not rebutted during the time of recording his statement and during the course of assessment proceedings by the assessing officer with any cogent material to prove that amount declared was earned from any other activities. In view of the above mentioned facts and findings, we considered that the income disclosed was income of the assessee from the business and not from other sources. - Decided in favour of assessee.
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