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City Life Developers Versus CIT-25, Mumbai

2015 (5) TMI 1111 - ITAT MUMBAI

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 appeal was filed by the Department agains .....

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, 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 the revisional jurisdiction u/s 263 of th .....

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ion 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 examining about the method of accounting e .....

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urn 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 itself. In the assessment order, we find .....

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nsisting 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 Peace Heaven and a profit of ₹ 1,68, .....

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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 assessee as a joint developer along with .....

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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 which was accepted in earlier years after .....

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he 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 passed without due enquires, we note that r .....

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