2017 (11) TMI 914

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....USTICE AKIL KURESHI) 1. The Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal dated 11.04.2017 raising following questions for our consideration: "[A] Whether on the facts and circumstances of the case and in law the Tribunal was justified in holding that deductions u/s.80IB(10) has to be allowed from the income computed as income from other sources under t....

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....rom the said project by way of onmoney. During the assessment proceedings, the assessee claimed deduction under section 80IB(10) of the Act on such receipts also. The Assessing Officer held that the assessee failed to establish that such receipt was from Laxmi Residency Project. He added the said sum as assessee's income from other source and disallowed the deductions under section 80IB(10) of....

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....the law breakers. 5. The assessee carried the matter in further appeal before the Tribunal. Tribunal ruled in favour of the assessee holding that the assessee had no other business and the stand of the assessee that such income was the business income, was rejected by the Assessing Officer without any basis. Now the Revenue is before us against the order of the Tribunal. 6. From the material....