TMI Blog2021 (7) TMI 896X X X X Extracts X X X X X X X X Extracts X X X X ..... ied the matter before the Tribunal. The Co-ordinate Bench of Tribunal in [ 2016 (5) TMI 1555 - ITAT DELHI] and vice versa, vide order dated 30.05.2016, had dismissed the appeal of Revenue. Before us, the Learned DR could not point out any fallacy in the findings of CIT(A). In such a situation, we find no reason to interfere with the order of CIT(A). Thus the grounds of Revenue are dismissed. - ITA No. 2551/Del/2016 - - - Dated:- 20-7-2021 - Sh. Anil Chaturvedi, Accountant Member And Sh. Kuldip Singh, Judicial Member For the Assessee : Shri Prakash Dubey, Sr. D.R. For the Revenue : None ORDER PER ANIL CHATURVEDI, AM: This appeal filed by the Revenue is directed against the order dated 04.02.2016 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng cash system nor mercantile system Completely. 3. The Ld CIT(A) has erred in partly allowing the deduction u/s 80IB(1) as the project as a whole does not satisfy the conditions enumerated in the subsection (10) of section 80IB. 4. The appellant craves leave to add, allow or amend any or all the ground of appeal before or during the course of hearing of the appeal. 6. Before us, at the outset, Learned DR submitted that various grounds has been raised by the Revenue, but the sole controversy is with regard to the allowability of claim of deduction u/s 80IB(10) of the Act. 7. During the course of assessment proceedings, AO noticed that assessee had claimed deduction of ₹ 9.87 crore (rounded off) u/s 80IB(10) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which was more than the permissible area of 1000 sq. ft. The submission of the assessee that the area mentioned in the agreement was super area and the maximum built up area was only 995.77 sq. ft. was not found acceptable to AO. AO also noted that the whole VISTA project on Plot No.14 has been approved by local authority GDA as one plan. He noted that project VISTA comprises of a commercial project also in the name of VISTA commercial. He was of the view that since VISTA project was an integral part of VISTA housing project, limit specified under clause (d) to Section 80IB must be followed for being eligible to claim of deduction u/s 80IB(10) of the Act. According to him the permissible limit of the commercial area as per clause (d) to Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... profit that have been offered for taxation were a distorted figure, the profit of the assessee till 31.03.2010 on the basis of percentage completion method was worked out at ₹ 113.763 crore (as per the working in the para 4 of the order). He noted that out of the amount of profit of ₹ 113.763 crore, profits assessed till A.Y. 2009-10 amounted to ₹ 97.83 crore which have already been taxed. He thus worked out the taxable profit as per the percentage of completion of method at ₹ 15.93 crore. He also noted that the method adopted by the Department had not attained finality as CIT(A) has decided in favour of the assessee and the Department was in appeal before the Hon ble ITAT. He therefore held that since the matte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t up area and therefore as per the amended Section 80IB(10), assessee has complied with the condition of clause (d) of Section 80IB(d) of the Act. He therefore held that assessee to be eligible to claim deduction u/s 80IB(10) of the Act on 70 Flats out of the 106 flats sold during the year under consideration on proportionate basis. He accordingly directed the AO to verify the calculation of the proportionate deduction claimed by the assessee with respect to 70 eligible flats and allow the deduction. Aggrieved by the order of CIT(A), Revenue is now before us. Before us, Learned DR supported the order of AO. 11. We have heard the Learned DR and perused the material on record. The issue in the present ground is with respect to allowabili ..... X X X X Extracts X X X X X X X X Extracts X X X X
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