2016 (4) TMI 170

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....ibunal was correct in holding that there were no inaccurate particulars when a Coordinate Bench had clearly indicated that the Respondent had constructed and sold flats in excess of the permissible area as per Section 80IB(10)? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in coming to the conclusion that no penalty is imposable under Section 271(1) (c) of the Act? 3 Re:Question (i): (a) The Respondent-Assessee is in the business of construction of residential buildings. For the Assessment Year200607 in respect of its housing project at Baner, Pune, the Respondent-Assessee had claimed deduction under Section 80IB (10) of the Act in its Return of Income. The Assessing Officer, on enq....

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....d by the local authorities and on completion of the project, the local authorities had also issued completion certificate. The sanctioned plans was the basis of which completion certificate was given to the Petitioner. It is on the basis of this that the Respondent-Assessee had claimed the benefit of Section 80IB(10) of the Act. Further, the impugned order also negatived the contention of the Revenue that the flats have been sold to the members of the same family and consequently in breach of clause (f) of Section 80IB(10) of the Act. This was so as the impugned order held that the amendment came in to effect on 1st April, 2010 and the appeal before it is concerned with the previous year relevant to A. Y. 200304 at which time there was no s....

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....s, the sale of adjacent flats to members of same family during the subject Assessment Year was not barred. It was barred only after introduction of the sub-clause (f) to Section 80IB of the Act w.e.f. 1st April, 2010. Thus, in these facts, the view taken by the Tribunal is a very possible view. (g) Moreover, it is also to be noticed that the appeal against the order dated 1st April, 2011 of the Tribunal in quantum proceedings has been admitted by this Court on 12th March, 2013 on a substantial question of law in respect of the claim for benefit of Section 80IB of the Act. The entertainment of an appeal by this Court in quantum proceedings on which reliance placed by the Revenue by itself evidences the fact that the issue is debatable. (h)....