2021 (2) TMI 969

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....Year 2012-14. 2. Though this appeal is listed for orders, the matter is taken up for final hearing with the consent of the parties. 3. In the appeal Memorandum following substantial questions of law are framed: "(i) Whether on the facts and circumstances of the case, the Tribunal was justified in directing the Assessing Officer to allow proportionate deduction under Section 801B(10) of the Act to the extent of profits attributable to the units where the built up area is below 1500 Sq. Ft. even when no such apportionment is prescribed under the scheme of Section 801B(10)(C) of the Income- Tax Act? (ii) Whether, on the facts and circumstances of the case, the Tribunal was justified in law holding that the assessee is e....

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....l and set aside the assessment order, inter alia, holding that derivation of profit based on percentage completion method by the assessee is correct and assessee is entitled to proportionate deduction under Section 801B(10) of the Act in respect of the flats which conform to the limits prescribed under the relevant provisions of the Act. 7. The Revenue being aggrieved by the order passed by the Commissioner of Income Tax (Appeals) approached the Income Tax Appellate Tribunal (hereinafter referred to as 'the Tribunal' for short). The Tribunal by Order dated 20.04.2018 dismissed the appeal of the Revenue by placing reliance on the order of this Court reported in 'CIT Vs. SJR BUILDERS' in ITA No.32/2010 dated 19.03.2012 and ....

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....the Tribunal was the subject matter of the appeal before this Court in ITA No.84/2010 wherein this Court by order dated 05.05.2020 held that the percentage completion method is applicable to the assessee and therefore, the assessee should have followed the percentage completion method for the Assessment Year 2012-13 also. 10. Per contra, the learned counsel for the assessee submitted that the substantial questions of law raised in the appeal memorandum is answered by this Court in ITA No.393/2014 passed on 7.1.2021 in respect of the very same assessee for the year 2009-10, which has been made available to this court. The learned Senior Counsel further contended that since the issue involved in the present appeal is squarely covered by th....