2020 (4) TMI 846

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..... 5 (11) TMI 582 - ITAT PUNE] had directed the AO to allow the claim of deduction u/s.80IB(10) - Since deduction on which penalty has been levied has itself been deleted, there remains no basis for sustaining the penalty. DR could not bring any material to demonstrate that the order of Tribunal allowing the claim of deduction u/s.80IB(10) has been set aside/overturned by higher judicial forum meani .....

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..... ing total taxable income of ₹ 37,79,130/-. The case was selected for scrutiny and assessment was framed u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as the Act ) wherein deduction u/s.80IB(10) of the Act with respect to the Housing Project of Damodar Residency Construction was disallowed by the Assessing Officer. The assessee carried the matter before the Ld. CIT(Ap .....

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..... e Ld. CIT(Appeals), the Revenue is in appeal before us and has raised the following grounds: 1. On the facts and circumstances of the case, the Ld.CIT(A) erred in deleting the penalty levied u/s 271(1)(c) of the I.T. Act and allowing the assessee's claim of deduction u/s 80IB(10) in respect of project 'Damodar Residency'. 2. On the facts and circumstances of the case, the Ld. .....

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..... gs. 5. At the time of hearing, neither the assessee nor his Authorized Representative was present to represent their case on merits. The records were checked and it was found that notice of hearing has been duly issued and served on the assessee. In spite of the facts, the assessee is absent on this date of hearing considering the facts and circumstances, we proceed to hear the appeal on me .....

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..... wing the claim of deduction u/s.80IB(10) has been set aside/overturned by higher judicial forum meaning thereby that the order granting deduction to assessee u/s.80IB(10) has attained finality. In such situation, we find no reason to interfere with the order of the Ld. CIT(Appeals) and thus, grounds raised by the Revenue are dismissed. 8. In the result, appeal of the Revenue is dismissed. Or .....

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