2021 (1) TMI 1324 - HC - Income Tax

Eligibility to Deduction u/s 80IB(10) - HELD THAT - The appeal was admitted by a Bench of this Court vide order 2014 (12) TMI 1324 - ITAT BANGALORE on the following substantial question of law Whether or the facts and circumstances of the case, the Tribunal is right in holding that assessee is entitled for deduction u/s 80IB(10) of the I.T. Act even when the assessee has not satisfied the requirements of the said provision? Income recognition - The following additional substantial question of law was framed by order dated 07.01.2021 2021 (1) TMI 789 - KARNATAKA HIGH COURT Whether on the facts and in the circumstances of the case, the Tribunal is right in law in holding that 'Project Completion Method' adopted by assessee requires to be accepted as against 'Percentage Cempletion Method' applied by assessing authority by relying upon its earlier decision in case of assessee which has been challenged before this Hon'ble Court and when assessing authority rightly recognized income for purpose of tax by holding that advances are received by assessee as and when constructions progresses resulting in profit to assessee? For the reasons assigned by us in 2021 (1) TMI 789 - KARNATAKA HIGH COURT passed today, this appeal stands dismissed.

Summary

The High Court of Karnataka dismissed the appeal filed by the revenue under Section 260-A of the Income Tax Act, 1961 for the Assessment Year 2010-11. The substantial question of law was related to deduction under section 80IB(10) of the IT Act. The appeal was dismissed for the reasons provided in ITA No. 393/2014.