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2015 (8) TMI 1160 - AT - Income TaxIncome disclosed during the survey - treated as Income from Other Sources or Business Income - disallowance of deduction u/s 80IB on the income disclosed during the survey - Held that:- We do not find any justification for the different stand of the Revenue authorities - one at the time of survey and another at the time of regular assessment. During the course of survey, the Revenue authorities themselves have considered the receipt noted in the diary to be on-money received for booking of the flats in Ornate House. The assessee admitted the same and surrendered the amount as its income from Ornate House project. Admittedly, the assessee did not have any other business activity during the year under consideration. Considering the totality of these facts and the arguments of both the sides, in our opinion, there was no justification for the Assessing Officer to hold that the amount was the income from other sources and not the income from Ornate House project. Similar issue is considered by the ITAT, Ahmedabad Bench in the case of M/s. Nilkanth Developers [2014 (12) TMI 928 - ITAT AHMEDABAD] to hold that the amount was the receipt from developing and building of housing project in the name and style of ‘Ornate House’ which was eligible for deduction u/s 80IB(10) - Decided in favour of assessee.
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