2022 (9) TMI 342

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....ar 2013-14. Before us the department has assailed the impugned order on the following grounds of appeal: "1. Whether on points of law and on facts & circumstances of the case, the Ld.CIT(A) was justified in holding that the assessee would be entitled for deduction u/s.80IB(10) of the Act proportionately with respect to profit on sale of excluding flats measuring more than 1500 sq. ft. limit when all the flats are forming part of a single project as per the provisions of Section 80IB(10) of the Act?" 2. "Whether on points of law and facts and circumstances of the case, the Hon'ble ITAT has erred by giving a finding which is contrary to the ratio of the judgement of the Hon'ble apex court in the case of Novopan India....

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.... on 31.10.2013, declaring an income of Rs.32,44,430/- (i.e after claim of deduction under Sec. 80IB(10) of Rs. 7,09,83,027/-). Subsequently, the case of the assessee was selected for scrutiny assessment u/s. 143(2) of the Act. 3. During the course of the assessment proceedings, the assessee on being queried as regards its entitlement for deduction under Sec. 80IB of the Act submitted, that as it had duly satisfied all the requisite conditions contemplated in the aforesaid statutory provision, therefore, its claim for deduction was well in order. 4. Observing that as the assessee in the earlier two assessment years had not satisfied the requisite conditions provided in clauses (c), (e) and (f) of sub-section (10) of Sec. 80IB, therefor....

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....ke proportionate disallowance in respect of the units allotted and sold during this period keeping in view the amendments in section 80IB(10) of the Act which are applicable w.e.f 1.4.2010. Accordingly, the claim of the assessee for these AYs is also partly allowed with the directions as given above. In the result appeals of the revenue as well as the assessee are partly allowed. In view of the above observations of the Tribunal, the A.O directed to restrict the disallowance proportionally in respect of allotment of sales transactions which are not complied with the conditions of sec.80IB(10) of the Act and allow the remaining deduction as claimed by the appellant as held by the Tribunal in their order cited above. This gr....

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.... Representatives of both the parties, perused the orders of the lower authorities and the material available on record, as well as considered the judicial pronouncements that have been pressed into service by the ld. Authorized representatives for both the parties to drive home their respective contentions. 10. After having given a thoughtful consideration to the issue in hand, we find that the issue raised in the present appeal is no more res-integra and is squarely covered by the decision of the Hon'ble Jurisdictional High Court in assessee's own case (supra), wherein the Hon'ble High Court had held as under: "06/11/2017 1. Having perused the materials, we are satisfied that the learned Counsel for the Appellant-Reven....