TMI Blog2017 (11) TMI 914X X X X Extracts X X X X X X X X Extracts X X X X ..... lies, there was sufficient indication that the amount of ₹ 1.01 crores was the assessee's income from such business. In the statement of the partner of the firm, the disclosure to this effect that the diary impounded during the survey also recorded that such onmoney was received for booking of the flats of Laxmi Residency Project. The Commissioner brought in the angle of morality while rejec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation: [ A] Whether on the facts and circumstances of the case and in law the Tribunal was justified in holding that deductions u/s.80IB(10) has to be allowed from the income computed as income from other sources under the income tax Act, 1961 ? [ B] Whether on the facts and circumstances of the case and in law the Tribunal was justified in allowing the claim of deduction u/s.80IB(10) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessing Officer held that the assessee failed to establish that such receipt was from Laxmi Residency Project. He added the said sum as assessee's income from other source and disallowed the deductions under section 80IB(10) of the Act. 4. The assessee carried the matter in appeal. Commissioner of Income Tax (Appeals) confirmed the decision of the Assessing Officer. He noted that the materi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other business and the stand of the assessee that such income was the business income, was rejected by the Assessing Officer without any basis. Now the Revenue is before us against the order of the Tribunal. 6. From the materials on record, it can be seen that the assessee's sole business of real estate development, in the material collected by the Revenue during survey on which the Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X
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