Section 80IB deduction eligible on Sum Received as ‘On-Money’ on Flat Bookings

Surana Mutha Bhasali Developers Vs ACIT (ITAT Pune)

The doctrine of approbate and reprobate does not allow the Department to blow hot and cold in the same breath, thereby accepting one consequence arising from the statement of the assessee while rejecting the other one. When the assessee made a surrender with the clear backdrop of having received `on money’ and the Revenue accepted the same while including it in the total income, it cannot later on claim that no deduction u/s 80IB(10) can be granted on the same as the asse

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