2011 (4) TMI 1472 - AT - Income Tax

Summary

Issues involved:
The correctness of CIT(A)'s order regarding assessment u/s 143(3) of the Income Tax Act, 1961 for the assessment year 2006-07 is questioned.
Ground Nos. I & II:
The appeal concerns the allowance of deduction u/s 80-IB(10) of the Act and the satisfaction of conditions for the deduction. The issue is covered by a Special Bench decision and upheld by the Bombay High Court, affirming the CIT(A)'s conclusions.
Ground Nos. III & IV:
The dispute involves the deletion of an addition of Rs. 20,00,000 based on a partner's statement during survey proceedings. The CIT(A) deleted the addition, citing lack of discrepancies in the assessee's profit calculation and the general nature of the partner's statement. The ITAT upheld the CIT(A)'s decision, emphasizing that additions cannot be solely based on survey statements.