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2015 (5) TMI 1111 - ITAT MUMBAI

2015 (5) TMI 1111 - ITAT MUMBAI - TMI - Revision u/s 263 - Claim u/s 80IB(10) - Held that:- We find that the ld. Assessing Officer has made an elaborate discussion of facts by placing reliance upon various decisions of higher authorities. We note that the ld. Assessing Officer has taken one of the possible view, more specifically, when the Tribunal upheld the decision of the ld. Commissioner of Income Tax (Appeals) holding the assessee as a joint developer along with M/s Dhruv Construction. No a .....

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r prejudicial to the interest of revenue, therefore, we allow the appeal of the assessee - ITA No. 4498/Mum/2013 - Dated:- 18-5-2015 - Joginder Singh (Judicial Member) And N. K. Billaiya (Accountant Member) For the Assessee : Dr. K. Shivram, Rahul Sarda For the Revenue : R. R. Prasad-DR ORDER Joginder Singh (Judicial Member) The assessee is aggrieved by the impugned order dated 25/04/2013, of the ld. Commissioner of Income Tax, Mumbai. The only ground raised in this appeal pertains to invoking t .....

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Thus, invoking the revisional jurisdiction is unjustified. On the other hand, Shri R.R. Prasad, ld. CIT-DR, defended the conclusion arrived at in the impugned order by submitting that the assessment order shows that there is no discussion about the correctness of method of accounting employed by the assessee as there is no whisper about the genuineness and accuracy of the profit declared by the assessee by adopting percentage completion method, consequently, the assessment was framed without ex .....

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income of ₹ 47,95,692/- in its return filed on 25/09/2009, which was processed u/s 143(1) of the Act. Subsequently, the case of the assessee was selected for scrutiny under CASS, therefore, notices u/s 143(2) and 142(1) of the Act along with detailed questionnaires were served upon the assessee. The assessee attended the proceedings from time to time and filed various details called for and the case was discussed with the assessee as is evident from page 1 onwards of the assessment order i .....

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The project was Agrawal Hill View was consisting of three wings of four stories, each were also completed during the year and no deduction was claimed u/s 80IB(10) of the Act. The project namely Peace Heaven, consisting of ten wings of seven stories each of which the work was in progress for which the assessee offered income on percentage completion method. The assessee showed loss of ₹ 1,02,86,173/- from the project Agrawal Trinity Tower and loss of ₹ 36,53,108/- from the project Pe .....

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ever, in respect of wing C, the assessee entered into a joint venture agreement dated 18/11/2003 and became a joint developer along with M/s Dhruv Construction. We find that the ld. Assessing Officer has made an elaborate discussion of facts by placing reliance upon various decisions of higher authorities. We note that the ld. Assessing Officer has taken one of the possible view, more specifically, when the Tribunal upheld the decision of the ld. Commissioner of Income Tax (Appeals) holding the .....

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the assessment order. 2.1. We also note that before the assessment was framed, the facts were duly examined in a detailed manner by the Assessing Officer as scrutiny assessment proceedings were carried out in the present case. Assessment order u/s 143(3) of the Act was passed after detailed enquiry/explanation and discussion by the Assessing Officer. Due discussion has been made in the assessment order with respect to Peace Heaven Project and the assessee consistently followed the same method w .....

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ous nor prejudicial to the interest of the Revenue. The case of the assessee find supports from the decision in CIT vs Escorts Ltd. 338 ITR 435 (Del.), Spectra Shares and Scrips Pvt. Ltd. vs CIT (2013) 354 ITR 35 (AP)(HC), CIT vs Advance Construction Company Pvt. Ltd. 275 ITR 30 (Guj.) 2.2. So far as, the contention of the ld. Commissioner and also of the ld. CIT-DR that no discussion has been made in the assessment order with respect to correctness of method of accounting and assessment was pas .....

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