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2024 (12) TMI 762 - AT - Income TaxDisallowance u/s. 80IB(10) - residential project Venus Parkland - denial of deduction on the ground of non-completion of the particular project within five years i.e. on 31-03-2012, no BU certificate from AUDA of the 380 units of the project, allotment of more than one unit to one persons and non-maintenance of separate books of account of the residential project as required u/s. 80IB(10) - HELD THAT -On appeal against these issues before Ld. CIT(A) who followed Jurisdictional High Court Judgement in assessee s own case for the A.Y. 2012-13 2021 (11) TMI 764 - ITAT AHMEDABAD which was confirmed by the Hon ble Supreme Court 2023 (5) TMI 1404 - SC ORDER deleted the addition and deduction of section 80IB granted to the appellant . Decided in favour of assessee.
Issues:
Appeal by Revenue against deletion of addition under section 80IB(10) of the Income Tax Act for the assessment year 2018-19. Analysis: The appeal was filed by the Revenue challenging the deletion of an addition of Rs. 2,47,27,471 under section 80IB(10) of the Income Tax Act for the assessment year 2018-19. The Assessing Officer disallowed the deduction claimed with respect to the residential project "Venus Parkland" due to various reasons including non-completion of the project within the stipulated time, absence of BU certificate, allotment issues, and failure to maintain separate books of account. However, the Commissioner of Income Tax (Appeals) deleted the addition following precedents set in the assessee's own case for earlier assessment years. The CIT(A) relied on previous decisions where similar disallowances were made by the AO but were subsequently deleted by the appellate authorities and higher courts, including the Hon'ble ITAT and the High Court. The CIT(A) granted the deduction under section 80IB(10) based on the consistency of decisions in the assessee's favor. In the appellate order, the CIT(A) highlighted that similar issues were addressed in the assessee's case for the assessment year 2012-13 and the deduction under section 80IB(10) was allowed by the CIT(A) Ahmedabad. The decision was based on the facts and submissions provided by the appellant, emphasizing the similarity of circumstances between the current assessment year and the preceding year. The Tribunal upheld the order of the Commissioner (Appeal) and ruled in favor of the assessee, granting the deduction under section 80IB(10) for the project "Venus Parkland." Furthermore, the judgment of the Jurisdictional High Court of Gujarat in the appellant's case for the assessment year 2012-13 supported the eligibility of the appellant to claim the deduction under section 80IB. The High Court dismissed the appeal of the Revenue, affirming the decision in favor of the assessee. Additionally, the Supreme Court dismissed the Special Leave Petition (SLP) filed by the Revenue against the High Court's decision, further solidifying the allowance of the deduction under section 80IB(10) for the appellant. The consistent rulings of the courts in favor of the assessee based on the specific circumstances of the case led to the deletion of the disallowance made by the Assessing Officer. In conclusion, the Tribunal upheld the decision of the CIT(A) to delete the addition under section 80IB(10) for the assessment year 2018-19, following the precedents set in the appellant's own case for earlier assessment years and the judgments of the Jurisdictional High Court and the Supreme Court. The Revenue's appeal was deemed devoid of merits and dismissed accordingly.
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