No Proof of Proxy Flat Allotments, Section 80IB Deduction Allowed: ITAT Ahmedabad

ITO Vs Shreeji Associates Iscon House (ITAT Ahmedabad) The Revenue filed two appeals against separate orders of the Commissioner of Income Tax (Appeals), NFAC, Delhi, relating to Assessment Years 2011-12 and 2012-13, challenging the deletion of disallowances made under Section 80IB(10)(f) of the Income Tax Act. The delay of 11 days and 7 days in filing the appeals was condoned. Taking AY 2011-12 as the lead case, the Tribunal noted that the assessee, a partnership firm engaged in developing housing projects, had originally been allowed deduction under Section 80IB(10). Subsequently, reassessme...