2020 (9) TMI 1259 - HC - Income Tax

Deduction u/s 80IB - Unaccounted money found during the search proceedings and explained as on money received are eligible for deduction under Section 80IB(10) as held by ITAT - Whether Tribunal was right in holding that transactions entered into with the buyers of flats are eligible for deduction even though there is violation of the sub-Sections(e) and (f) of Section 80IB(10) on the ground that these transactions were entered into before the amendments to sub-Section (3) and (f) of Section 80IB(10)? - HELD THAT - For the reasons assigned by us in the order passed today in 2020 (9) TMI 1138 - KARNATAKA HIGH COURT the substantial questions of law are answered against the revenue and in favour of the assessee.

Summary

The Karnataka High Court dismissed the appeal under Section 260A of the Income Tax Act, 1961, pertaining to the Assessment year 2011-12. The court ruled in favor of the assessee on substantial questions of law related to deductions under Section 80IB(10) of the Act. The appeal was dismissed.