9911796707
TMI Blog2011 (2) TMI 1236X X X X Extracts X X X X X X X X Extracts X X X X ..... sider the deductions available as per Section 80IB(10) of the Act – grievance of the petitioner is, neither the Assessing Officer nor the Revisional Authority namely, the Commissioner of Income Tax have taken into consideration the tax holidays and the exemption granted as per Section 80IB(10) of the Income Tax – Held that:- to pass appropriate orders in accordance with law, the matter is remanded ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue the remedy by way of appeal against the original assessment orders before the appellate authorities by condoning the delay. 2. According to the petitioner, it is an Association of persons engaged in development and construction of apartments. For the years 2006-2007 and 2007-2008, petitioner filed income tax returns. Thereafter, revised statement is said to have been filed for the assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led for two assessment years that in order to avoid protracted litigation and to buy peace with the Department, the revised statement is being filed adopting proportionate completion method, although the Assessing Officer has given a show cause notice to adopt the percentage completion method, the assessee had replied requesting to refrain from adopting the percentage completion method. As such, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all the exemptions and tax holidays into consideration. 5. In view of the submission made, to consider whether the calculations have to be made on completion of the project after registering the plots in favour of the intended purchasers or customers, who had invested the amount from time to time, or as and when the amount is paid and accrued to the benefit of the petitioner for each assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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