2021 (5) TMI 365

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.... CHAVAN, ADVOCATE)   RESPONDENT (BY SRI T.N.C. SRIDHAR, ADVOCATE)   JUDGMENT ALOK ARADHE J., This appeal under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act' for short) has been filed by the assessee against the judgment dated 04.04.2017 passed by the Income Tax Appellate Tribunal. 2. The subject matter of the appeal pertains to the assessmen....

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....sessee is following "Percentage Completion Method" that is Accounting Standard-7 as prescribed by the Institute of Chartered Accountants in accordance with Section 145 of the Act. The assessee filed return of income on 30.09.2011 for the assessment year 2011-12 and declared the total income of Rs. 6,93,890/-. The assessee claimed a deduction of Rs. 10,29,94,124/- as exemption under Section 80-IB(1....

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....e under Section 80-IB(10) of the Act is covered by a decision of this Court in ITA.No.393/2014 decided on 07.01.2021 (CIT vs. M/s. S.N. Builders and Developers).   5. Learned counsel for the revenue was unable to dispute the aforesaid submissions. 6. We have considered the submissions made on both sides. 7. For the reasons assigned by this Court in the judgment dated 07.01.2021 in ITA.No.3....