TaxTMI 
TaxTMI 
2020 (9) TMI 1138
X X X X Extracts X X X X
X X X X Extracts X X X X
....der dated 01.03.2017 on the following substantial questions of law: (i) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that, unaccounted money, found during the search proceedings and explained as on money received, are eligible for deduction under Section 80IB(10) of the Act? (ii) Whether, on the facts and in the circumstances of the case, that the Tribunal was right in holding that, transactions entered into, with the buyers of flats, are eligible for deduction, even though there is violation of the sub-Sections(e) and (f) of Section 80IB(10), on the ground that these transactions were entered into before the amendments to sub-Section (3) and (f) of Section 80IB(10)? 2. Facts leading to ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....0) of the Act only to the proportionate profit earned from the residential unit which comply with provisions of Section 80IB(10) of the Act in both assessment years. The Commissioner of Income Tax (Appeals), however, disallowed the claim of the assessee for Assessment Year 2010-11 in respect of receipt of on money amounting to Rs. 42,03,280/- for sale of flats by placing reliance on Section 80A(5) of the Act and held that the profits were not routed through books of account but constituted undisclosed income. The Commissioner of Income Tax (Appeals) held that no deduction under Section 80IB(10) of the Act was allowable on the income / profit which neither form the part of the assessee's account nor were additional cash amounts earned an....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... (f) of the Act. It is further submitted that clauses (e) and (f) can be applied in respect of transactions, which are entered into after 01.04.2010. On the other hand, Learned Senior counsel of the assessee has submitted that entire flats of the assessee were sold prior to 25.05.2009 and the Assessing Officer himself has treated the income found during the search proceedings as business from income. It is also submitted that assessee has rightly bee held entitled for deduction under Section 80IB(10) of the Act on the additional income as the assessee had made the claim in the return of income. 4. We have considered the submissions made by learned counsel for the parties and have perused the record. Clauses (e) and (f) to Section 80IB(10) ....