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2017 (11) TMI 914 - HC - Income TaxDeductions u/s.80IB(10) - income computed as income from other sources - Held that:- From the materials on record, it can be seen that the assessee's sole business of real estate development, in the material collected by the Revenue during survey on which the Revenue heavily relies, there was sufficient indication that the amount of ₹ 1.01 crores was the assessee's income from such business. In the statement of the partner of the firm, the disclosure to this effect that the diary impounded during the survey also recorded that such onmoney was received for booking of the flats of Laxmi Residency Project. The Commissioner brought in the angle of morality while rejecting the claim for deduction. The Tribunal, in our opinion, correctly reversed the decisions of the Revenue authorities. The Bombay High Court in case of Commissioner of Incometax, Central II v. Sheth Developers (P) Ltd. [2012 (8) TMI 159 - BOMBAY HIGH COURT] had in somewhat similar background, held that the assessee's claim for deduction under section 80IB(10) of the Act could not be rejected. - Decided against revenue.
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