2022 (5) TMI 369

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.... of the assessee's main as well as additional substantive ground indicates that his first and foremost grievance is directed against the learned lower authorities' action denying Section 80IB(10) deduction of Rs.3,76,98,194/- as derived from sale of housing project/unit as per corresponding joint venture agreement dated 01.12.2006 executed with M/s. Raviraj Realties. His next argument in light of the additional ground read with additional evidence petition dated 26.04.2022 is that its foregoing income deserves to be treated under the head "capital gains" wherein the cost of acquisition in lieu of valuable consideration comes to "Nil" only since the first predecessor in interest had been granted "Inam" by the erstwhile ruling clan. Learned c....

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....in Anandrao Subhanrao Bin Laxmanrao Jadhavrao and the name of the earlier holder is metioned as Anandrao Pilaji Jhadav Vagholikar. As per the copy of the family tree of Shri Pilajirao (enclosed herewith) the assessee is the descendent of Subeder Pilajirao. 3. As mentioned in Para 10 of the Joint Venture Agreement, the assessee and M/s. Raviraj Realities have created a Joint Venture "Raviraj Realities and Viraj Venture Assocaites - Ozon". Under the said Joint Venture Agreement the assessee and M/s Raviraj Realities were respectively entitled to withdraw 20% and 80% of the sale proceeds of the constructed area. The assessee has withdrawn an amount of Rs.3,76,98,194/- in the assessment year under consideration. 4. In view of ....

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..../-. It was further submitted that M/s Raviraj Realities, the other party to the joint venture has already claimed deduction u/s 80IB (10) of the Act in respect of 80% of the sale proceeds of the joint Venture. The copy of the assessment order in the case of M/s Raviraj Realities was produced before the Assessing Officer. It was argued that on the same lines the assessee is also eligible for deduction u/s 80IB(10) of the Income Tax Act and therefore no addition is warranted to the income of the assessee on this account. 5.1 As mentioned in page 4 Para 5 of the assessment order, the assessee has also filed, necessary supporting documents such as bank account extract, extract of the account of M/s Raviraj Realities alongwith the confi....

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....ate" prescribed in light of Section 80A(5) r.w.s. 80(a)(c) of the Act. We make it clear that Section 80A(5) postulates that no deduction under Chapter VI shall be allowed wherein the assessee concerned fails to make a claim in its return of income. This is coupled with the latter provision envisaging such a return is to be filed on or before the due date specified under Section 139(1) of the Act. There is further no issue that both these statutory provisions incorporate the clinching expression "shall" only. Meaning thereby that filing of a return on or before the date specified under Section 139(1) raising the impugned deduction claim very much forms a mandatory condition for the purpose of claiming Section 80IB(10 deduction. We thus adopt....