INCOME TAX ACT, 1961

Section 80-IB(10)

Deduction under section 80-IB - Income from developing and building housing project - Allowability - Matter regarding deduction under section 80-IB being sub-judice before High Court

Assessee-firm was engaged in real estate business. It claimed deduction under section 80-IB(10). AO denied the assessee's claim by holding that the assessee was not eligible for the deduction since the matter regarding deduction under section 80-IB was sub-judice before High Court. Aggrieved, assessee carried the matter before CIT(A) by contending that the AO failed to note that the assessee's claim of deduction under section 80-IB(10) was allowed for the past several years and erred in predetermining that the assessee was not eligible for deduction under section 80-IB(10) on the premise that the matter was sub-judice. CIT(A) allowed the appeal of the assessee. Aggrieved, Revenue was in appeal. Held: Since CIT(A) allowed assessee's appeal for deduction under section 80-IB(10) by following the decision of Tribunal in assessee's own case for earlier assessment year, wherein the identical issue was decided by the Tribunal in favour of the assessee, therefore, the order passed by CIT(A) was fair and reasonable and it did not call for any interference.

REFERRED :

FAVOUR : In assessee's favour

A.Y. : 2015-16

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