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2020 (12) TMI 163 - AT - Income TaxPenalty u/s 271(1)(c) - refusal of bonafide claim u/s 80IB(10) - HELD THAT:- In this case assessee had not even identified the customer from whom such unaccounted receipt i.e "On money" was received which could have helped to ascertain the proported existence of obligation to return the "On money". Due to lack of this details, Coordinate Bench decided that the unaccounted money is to be taxed in the year of receipts itself. Whereas the facts of the appeal, we are dealing in are different as all details relating to specific flats were provided and were even found by Revenue authorities during the course of survey. The "On money" which was offered to revenue in subsequent assessment year were shown as liability as "advance for sale of flat" Due to these variation of facts Revenue will be unable to get any benefit out of this decision. Respectfully following the decisions of Co-ordinate Bench and in the case of Nilkanth Developers Vs ITO [2014 (12) TMI 928 - ITAT AHMEDABAD ] are of the view that as the " Adinath" project was eligible for housing project u/s.80IB(10) and there is no other business carried on by the assessee, it deduction u/s.80IB(10) has been rightly claimed on the “On money”. This issue is also decided in favour of assessee.
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