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2020 (5) TMI 253 - AT - Income TaxUnexplained expenditure u/s 69C - assessee has incurred an expense without recording the same in the books of accounts - HELD THAT:- In the present case there is no iota of evidence available before the AO suggesting that the assessee has incurred any expense which were not disclosed in the books of accounts except the value of the Jantri determined by the superintendent of stamps. There was the survey operations carried out under section 133A of the Act and no details was found during the survey operation suggesting that there was the expenses incurred by the assessee outside the books of accounts. In the absence of any information, we do not find any infirmity in the order of the learned CIT (A). Hence the ground of appeal of the Revenue is dismissed. Deduction u/s 80IB - certificate issued by the competent authority for the completion of the entire projec - HELD THAT:- Completion certificate has been issued by the competent authority on the different occasions. First certificate was issued for part completion of the project dated 27 September 2011, the 2nd certificate was issued for part completion of the project dated 15th of December 2011 and the final certificate for the completion of the project was issued dated 22 March 2012. Thus from the final certificate issued by the competent authority for the completion of the entire project, it is established that there was the no violation of the provisions of law as specified under the provisions of section 80IB(10) of the Act. At the time of hearing, the learned DR has not brought anything on record contrary to the finding of the learned CIT (A). No reason to interfere in the order of the learned CIT (A). Thus the ground of appeal of the Revenue is dismissed. Treating the income from regular business holding that the same is eligible for deduction under section 80IB(10) - HELD THAT:- Admittedly, the assessee is not engaged in any activity other than the construction activity as discussed above. Moreover, the revenue has not brought anything on record evidencing that such income disclosed during the survey proceedings is not arising from its construction activity. As such the onus was upon the revenue to disprove the contention of the assessee based on the documentary evidence. But the revenue has failed to do so - disclosure of income made during the survey proceedings does not mean that the income is to be treated as income from other sources. Accordingly, we are of the view that such income in the absence of contrary evidences is arising from the business activities of the assessee. Hence we do not find any infirmity in the order of CIT (A). Hence, the ground of appeal of the Revenue is dismissed.
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