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TMI Blog2020 (9) TMI 243X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee subsequently and the assessee by advancing such alternate plea tried to neutralize the revenue effect consequent to reject of its claim of deduction under Section 80IAB? Deduction u/s 80IB(10) - disallowance of claim with proper evidence Assessing Officer had established the assessee does not fulfill the conditions for claiming deduction u/s 80IB(10) - HELD THAT:- CIT(A) has taken into account the detailed submissions made on behalf of the assessee while adjudicatin the issue in favour of the assessee applying the judicial interpretations available built up area has also been addressed by the CIT(A) based on documentary evidences. Documentary evidences revealed that built up area was within the permissible limit. The Revenue b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... abad Bench 'B', Ahmedabad in ITA No.2122/Ahd/2011 for the assessment year 20082009. 2. The Revenue has proposed the following questions as the substantial questions of law involved in this appeal:- 2(A) Whether the Appellate Tribunal had erred in law and on facts in upholding the order of CIT(A) directing the Assessing Officer to treat the amount of sale consideration as advance money and give appropriate effect to the same in A.Y.201213 as per law, without appreciating the fact that the sale of land transaction is completed and the amount payable for the same is shown as current liability? (B) Whether Appellate Tribunal ought to have appreciated that the alternate plea of assesse treating the impugned receipt as ' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;Advance Receipt' was never made before the Assessing Officer and this plea was made for the first time before CIT (A)? (C) Whether the Appellate Tribunal ought to have appreciated that the claim of deduction under Section 80IAB rejected by the Assessing Officer as well as CIT(A) was not contested by the Assessee subsequently and the assessee by advancing such alternate plea tried to neutralize the revenue effect consequent to reject of its claim of deduction under Section 80IAB? 3. The Questions Nos.2(B) and 2(C) would take care of the proposed Question No.2(A). 4. So far as the proposed Question No.2(D) is concerned, the Tribunal has recorded the following findings of fact as contained in Paragraph No.13.6. The paragr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed, the Tribunal has recorded the following findings of fact as contained in Paragraph No.15.7. The paragraph No.15.7 reads as under:- 15.7 We have heard rival submissions. The maintainability of disallowance of interest expenditure under Section 36(1)(iii) of the Act is in question. As noted by the CIT(A), the assessee has clearly demonstrate its own funds to be in excess of corresponding interest free advances. Secondly, the assessee has earned substantial interest netting of which has not been given by the AO at all. The CIT(A) further noted that the AO has adopted inconsistent stand and disallowed the interest expenditure on proportionate basis in this year whereas accepted the interest claim in the earlier years. Before us, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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