2021 (2) TMI 997

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..... RAJ RANGASWAMY APPELLANTS (BY SRI.K.V. ARAVIND ADV.,) RESPONDENT (BY SRI. A SHANKAR SENIOR FOR SRI. V. CHANDRASEKHAR AND M. LAVA ADVS.,) JUDGMENT ALOK ARADHE J., This appeal under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act for short) has been preferred by the revenue. The subject matter of the appeal pertains to the Assessment year 2006-07. The appeal was adm .....

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..... lats, when the flats were combined and were measuring more than 1500 square feet? 3. Whether on the facts and in the circumstances of the case the Tribunal was right in holding that the assessee was entitled to deduction of the flats at the 12th and 13th floor when the assessee has not claimed benefit in the return of income filed, without revising the original return of income? 4. Whether on .....

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..... .393 OF 2014 DATED 07.01.2021 (KAR.), whereas, it is also submitted that second substantial question of law has been answered in favour of the assessee in (i) UCO BANK VS. CIT 237 ITR 889 (SC) (ii) STATE OF KERALA AND OTHERS VS. KURIAN ABRAHAM PRIVATE LIMITED AND ANOTHER, 303 ITR 284 (SC), (iii) NAVNITLAL ZAVERI VS. K.K.SEN (1965) 56 ITR 198 (SC) and (iv) AZADI BACHAO ANDOLAN, 263 ITR 706 (SC). Si .....

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..... nsel for the assessee submitted that the aforesaid issue does not arise for consideration in this appeal and arises only in connected matter that is I.T.A.No.207/2014. 6. We have considered the submissions made by learned counsel for the parties and have perused the record. The first three substantial questions of law are answered in favour of the assessee for the reasons assigned by learned Seni .....

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..... is pertinent to note that the assessee had offered the income for Assessment Year 2007-08 and no income from the project was offered for the Assessment Year 2007-08 on the basis of project completion method and that either method of accounting finally lead to the same results in terms of profits and therefore, revenue neutral. In view of preceding analysis, the fourth substantial question of law .....

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