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The Commissioner of Income Tax-V, Pune Versus Pharande Developers

2016 (10) TMI 503 - BOMBAY HIGH COURT

Benefit of deduction under Section 80IB - Held that:- In the present case, the Revenue does not dispute the entitlement of respondent assessee to the benefit of deduction under Section 80IB of the Act. In the result, even if, the stand of the Revenue is accepted in this case and the expenditure claimed is disallowed for not having deducted tax at source, the only result would be that the disallowed expenditure would be added to the total income of the respondent assessee. However, this additiona .....

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ugned order is in respect of Assessment Year 2006-07. 2. The Revenue has urged following questions of law for our consideration : (i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in granting the assessee's claim of deduction u/s 80IB(10) of the I.T. Act, 1961 by not including terrace and canopy as part of residential unit, when the same were used exclusively for respective units and not part of common or shared area with others? (ii) Whethe .....

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B(1), whereas this allowance make the provision of Section 40A(ia) redundant? 3. Re. question nos. (i) and (ii) : (a) Mr. Tejveer Singh, learned Counsel appearing for the appellant Revenue very fairly states that the issues arising herein stands concluded against the Revenue and in favour of the respondent assessee by the decision of this Court in Commissioner of Income Tax Vs. Happy Home Enterprise, 372 ITR 01 and the order dated 24th April, 2015 passed in Revenue's Appeal being Income Tax .....

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s Appeal has been admitted on the following questions of law : (i) Whether on the facts and in the circumstances of the case and in law, the Income Tax Appellate Tribunal erred in holding that the assessee satisfied the condition that the project is on the size of a plot of land which has a minimum area of one acre and accordingly is entitled to deduction u/s 80IB of the Income Tax Act, 1961 ? (ii) Whether on the facts and circumstances of the case and in law, the decision of the Income Tax Appe .....

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