Case Law Details
ACIT Vs Atul Properties (ITAT Mumbai)
Held that as the assessee had complied sufficiently the requirement of law as stipulated in section 80IB(10) of the Act and as per the said provision it was bound to complete the building project before 31.03.2012. Deduction u/s 80IB(10) allowed.
Facts-
The assessee firm filed original ROI declaring total income of Rs.29,75,430/- after claiming deduction u/s 80IB(10) of Rs. 23,561/-. The assessee filed revised return withdrawing its claim for deduction u/s 80IB(10) and offering total income Rs. 23,62,14,994/- for taxation.
AO completed scrutiny assessment based on original ROI and made addition of Rs. 23,32,39,561/- and Rs. 30,62,424/- made on account of disallowance of claim of deduction u/s. 80IB(10) and bogus purchases respectively.
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