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The Tax PublishersITA No. 677/2017
2021 TaxPub(DT) 2600 (Karn-HC)INCOME TAX ACT, 1961
Section 80-IB(10)
Where AO disallowed claim of assessee without adverting to the merits his order was liable to be quashed.
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Deduction under section 80-IB(10) - Allowability - Exemption sought in accordance with 'Percentage Completion Method' -
Assessee engaged in developing and building housing projects and claimed deduction as exemption under section 80-IB(10) in accordance with 'Percentage Completion Method'. AO denied deduction on premise that there was no provision to allow proportionate deduction. CIT(A) and Tribunal also dismissed appeals. Hence this appeal. Held: Reasons assigned in CIT v. M/s. S.N. Builders and Developers, ITA No. 393/2014, dt. 7.1.2021 : 2021 TaxPub(DT) 0519 (Karn-HC) which was undisputed by Revenue and taking into consideration the fact that entire claim of assessee disallowed by AO without adverting to the merits of the claim made by assessee, orders passed by Tribunal, CIT(A) and AO insofar it pertained to claim of appellant under section 80-IB(10) were quashed. Matter was remitted to adjudicate claim of assessee in accordance in law.
Followed:CIT v. M/s. S.N. Builders and Developers, ITA No. 393/2014, dt. 7.1.2021 : 2021 TaxPub(DT) 0519 (Karn-HC)
REFERRED :
FAVOUR : Matter remitted
A.Y. : 2011-12
IN THE KARNATAKA HIGH COURT
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