TMI Blog2015 (8) TMI 1484X X X X Extracts X X X X X X X X Extracts X X X X ..... and, therefore, the amount had direct and proximate connection with the normal business of construction activity, hence eligible for the deduction u/s.80IB(10) Also as decided in M/S. SHETH DEVELOPERS (P) LTD. [ 2012 (8) TMI 159 - BOMBAY HIGH COURT] no question of application of section 68, 69 and 69A, 69B and 69C of the said Act arises as the same has not been invoked by the Department. It is an admitted position between the parties as reflected even in the order the Assessing officer that undisclosed income was in fact received by the respondent in the course of carrying out its business activities as a builder. The same was returned by the respondent as income arising from profits and gains of business or profession and the same was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... during the course of survey u/s.133A of the I.T.Act on 13.03.2008, the partners of the assessee firm accepted ₹ 1,00,00,000/- as the receipt of the firm from undisclosed sources. 3. The ld.counsel for the assessee at the outset submitted that the issue in dispute is squarely covered in favour of the assessee by the decision of the ITAT, Ahmedabad Bench in the case of ACIT Vs. Shree Padmavati Developers, rendered in ITA No.268/Ahd/2010. He placed on record copy of the Tribunal s order. He further contended that Hon ble Bombay High Court has also considered this issue in the case of CIT Vs. Sheth Developers P. Ltd., 25 taxmann.com 173 = 254 CTR 127 (Bom). He placed on record copy of this decision also. The learned counse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cturing and sale of Board paper and craft paper happened to be the only source of income of the assessee, therefore the amount disclosed consequence upon the search partakes the character of business income and eligible for the deduction u/s.80IB/80IA of the I.T.Act. In the present case, the assessee has admitted that the impugned amount was part of the sale consideration received in cash at the time of booking of flats and, therefore, the amount had direct and proximate connection with the normal business of construction activity, hence eligible for the deduction u/s.80IB(10) of the I.T.Act. Because of the factual as also legal aspect of the case, we hereby confirm the finding of Learned CIT(Appeals) and dismiss this ground of the Revenue. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the undisclosed income for the block period as income from profits and gains of business or profession. Therefore, the reliance by the revenue upon the decision of the Gujrat High Court in the matter of Fakir Mohmed Haji Hasan (supra) is not correct as the facts of that case are completely distinguishable from the present facts. In the present case, no question of application of section 68,69 and 69A, 69B and 69C of the said Act arises as the same has not been invoked by the Department. It is an admitted position between the parties as reflected even in the order the Assessing officer that undisclosed income was in fact received by the respondent in the course of carrying out its business activities as a builder. The same was returned by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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