2015 (7) TMI 744

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....ri, Adv. ORDER P.C. This appeal by revenue under Section 260A of the Income Tax Act, 1961 (the 'Act') challenges the order dated 1 February 2013 passed by the Income Tax Appellate Tribunal (the 'Tribunal'). The appeal relates to the Assessment Year 2004-05. The impugned order set aside penalty imposed under Section 271(1)(c) of the Act on invoking Section 273B of the Act. ....

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....ssessee filed a revised return of income withdrawing its claim for the benefit of Section 80IB(10) of the Act in respect of its building project called New Haridas Park consisting of Wings being A to D on the ground that as it is part of the original project of Haridas Project consisting of Wings A to G. The Revised Return was held to be invalid by the Assessing Officer who also imposed a penalty ....

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....-assessee having incorrectly claimed the benefit of Section 80IB(10) of the Act. Thus the impugned order held no penalty be imposed in view of Section 273B of the Act. 6. The grievance of the revenue is that the respondent-assessee is not entitled to claim the benefit of Section 80IB(10) of the Act in respect of project Wings A to D. There is no dispute with regard to the same. It is further su....