2026 (5) TMI 1347

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....eal under section 260A of the Income tax Act, 1961 ('IT Act' for short) assailing the Judgment and Order dated 7th April, 2017, passed by the learned Income Tax Appellate Tribunal ('ITAT'), Mumbai, in Income Tax Appeal No. 2854/Mum/2015 for the assessment year 2011-12. 3. The case of the Revenue, in a nutshell, is that the learned ITAT has erred in law in reversing the Judgment of the Commissioner of Income Tax (Appeals) ('CIT (A)') affirming the order of the Assessing Officer, declining the claim of deduction made by the assessee under section 80-IB(10) of the IT, Act for an amount of Rs. 1,177,128,257/- being the income derived from a housing project. 4. In the memorandum of Appeal, as many as eight substantial questions of law have....

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....ncomplete. The said position has also been affirmed by the CIT(A). As such, in the absence of any contrary finding as to the status of the housing project, it was not open for the learned ITAT to reverse such finding and grant relief to the assessee, in a manner which was not permissible under the law. 6. Responding to the above submission, Mr. Mistri learned Senior Counsel appearing for the assessee has argued that since the Assessing Officer has not added a part of the income from the housing project amounting to Rs. 61,56,52,158/- to the income as claimed by the assessee, the question of deduction would also not arise. Mr. Mistri submits that in view of this fact his client is accepting that no deduction under Section 80-IB(10) to thi....