2021 (1) TMI 789

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....The appeal was admitted by a Bench of this Court vide order dated 20.07.2015 on the following substantial questions of law: "1. Whether the Hon'ble Tribunal is right in holding that the assessee is eligible for proportionate deduction under section 80IB(10) when according to provisions of section 801B(l0) of the Act, one of the conditions to be fulfilled for claiming deduction is that the total built up area of the residential units in the housing project shall not exceed 1500 square feet ¡n the city of Bangalore? 2. Whether the Tribunal is right in holding that the project completion method is a recognized method of accounting without examining as to whether the assessee is entitled to the project completion method ....

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.... short). The revenue filed an appeal on the issue pertaining to proportionate deduction under Section 80IB(10) of the Act whereas the assessee filed an appeal before the Tribunal on the issue of project completion method instead of percentage completion method to be adopted. The Tribunal, by an order dated 11.04.2014, dismissed the appeal filed by the revenue by placing reliance on the decision of this Court in 'CIT Vs. SJR BUILDERS' in ITA No.32/2010 dated 19.03.2012 and confirmed the order passed by the Commissioner and held that the assessee is eligible for deduction under Section 80IB(10) of the Act proportionately. In the aforesaid factual background, the revenue has filed this appeal. 4. Learned counsel for the revenue submitted th....

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....s to follow the percentage completion method for the Assessment Year 2009-10 as well. 5. On the other hand, learned Senior counsel for the assessee submitted that the first substantial question of law involved in this appeal ¡s no longer res íntegra and has already been answered by this Court in decisions of this Court namely 'CIT Vs. BRIGADE ENTERPRISES LTD.' (2020) 120 TAXMANN.COM 346 (KAR) and 'CIT Vs. SJR BIJILDERS', supra and the decision of Madras High Court in 'CIT Vs. ARUN EXCELLO FOUNDATIONS (P) LTD.' (2013) 259 CTR 362. Learned Senior counsel has further submitted that during the course of the proceedings, the assessee submitted that it was following project completion method and the Tribunal by placing reliance on....