2015 (7) TMI 744

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.... 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. 3. The revenue has framed the following qu....

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....m 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 of Rs. 17.87 lacs under Section 271(1)(c) of the Act for havi....

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....B(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 submitted that the revised return was filed only after the survey w....