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2018 (3) TMI 1086 - GUJARAT HIGH COURTUnaccounted income disclosed by the respondent assessee during survey proceedings under Section 133A - business income OR undisclosed income under Section 69 - Held that:- Tribunal noted that the assessee was engaged in the business of development of housing projects. The amount in question was received by way of bookingamount for Vraj Dham Housing Scheme which was duly reflected in the assessee's audited accounts. The assessee followed the project completion method for income recognition and the Assessing Officer was therefore not right in taxing such amount under Section 69 of the Income-tax Act, 1961. Since the view of the Tribunal is based on materials on record and in consonance with the legal principles and accounting standards, no question of law arises. Allowability of the deduction under Section 80IB [10] - ITAT concurring with the CIT [A] in holding the issue relating to allowability of the deduction under Section 80IB [10] of the Income Tax Act as premature - Held that:- The Tribunal was of the opinion that the allowability of such deduction would be considered by the Assessing Officer when such receipt by the assessee on completion of the project comes up for consideration. - Decided against revenue
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