https://www.taxtmi.com/caselaws?id=752428 ITAT Surat allowed assessee's appeal regarding Section 80IB deduction for real estate development income. The tribunal held that additional income from on-money received during property sales from the Rushikesh project was eligible for Section 80IB deduction as it constituted income from eligible business activity. Regarding unexplained cash credits under Section 68, ITAT ruled that disputed land transactions should be taxed in AY 2009-10 when land was brought into books, not in AY 2008-09. The tribunal emphasized that only the right person can be taxed on right income in correct assessment year, citing Supreme Court precedent. Addition made by AO was deleted as amounts were incorrectly attributed to wrong assessment year. en-us Wed, 17 Jan 2024 00:00:00 +0530 Thu, 09 May 2024 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752428 ITAT Surat allowed assessee's appeal regarding Section 80IB deduction for real estate development income. The tribunal held that additional income from on-money received during property sales from the Rushikesh project was eligible for Section 80IB deduction as it constituted income from eligible business activity. Regarding unexplained cash credits under Section 68, ITAT ruled that disputed land transactions should be taxed in AY 2009-10 when land was brought into books, not in AY 2008-09. The tribunal emphasized that only the right person can be taxed on right income in correct assessment year, citing Supreme Court precedent. Addition made by AO was deleted as amounts were incorrectly attributed to wrong assessment year. Case-Laws Income Tax Wed, 17 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752428