2019 (7) TMI 368

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....ion of the learned Commissioner (Appeals) in allowing assessee's claim of deduction under section 80IB(10) of the Income Tax Act, 1961 (for short "the Act"). 3. Brief facts are, the assessee, a partnership firm, is engaged in the business of construction of residential projects. For the assessment year under dispute, the assessee filed its return of income on 30th September 2013, declaring total income at Rs. 21,51,500, after claiming deduction under section 80IB(10) of the Act for an amount of Rs. 4,49,31,186. In course of assessment proceedings, the Assessing Officer noticed that deduction under section 80IB of the Act has been claimed by the assessee in respect of a residential project in the name and style of "Quantum Park". The Asse....

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....Appeals) has allowed assessee's claim. Further, he found that in respect of Jivesh Developers and Properties Pvt. Ltd., who along with the assessee had developed the Quantum Park project, the first appellate authority has allowed deduction claimed under section 80IB(10) of the Act. Therefore, following the aforesaid decisions, learned Commissioner (Appeals) allowed assessee's claim of deduction under section 80IB(10) of the Act. 5. The learned Departmental Representative relying upon the observations of the Assessing Officer submitted, since the housing project in respect of which the assessee has claimed the deduction has not fulfilled the conditions of section 80IB(10) of the Act, the Assessing Officer was justified in disallowing t....

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....tisfy the conditions of the said provision. Further, he found that on the aforesaid premise, the Assessing Officer while completing the assessments under section 153C of the Act for the assessment years 2005-06 to 2011-12 has disallowed assessee's claim of deduction under section 80IB(10) of the Act. Though, the Assessing Officer has acknowledged the fact that while deciding the appeals for the said assessment years, the first appellate authority has allowed assessee's claim of deduction, however, to keep the issue alive, the Assessing Officer proceeded to disallow assessee's claim of deduction under section 80IB(10) of the Act by following the assessment orders passed for the preceding assessment years. Notably, against the orders passed b....