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TMI Blog2021 (1) TMI 1047X X X X Extracts X X X X X X X X Extracts X X X X ..... ENTERPRISES LTD. [2020 (9) TMI 1137 - KARNATAKA HIGH COURT] it is evident that the first substantial question of law involved in this appeal is no longer res integra. Therefore, the first substantial question of law is answered against the revenue and in favour of the assessee. - I.T.A. NO. 739 OF 2018 - - - Dated:- 20-1-2021 - THE HON'BLE MR. JUSTICE SATISH CHANDRA SHARMA And THE HON'BLE MR. JUSTICE V. SRISHANANDA FOR THE APPELLANTS : BY MR. T.N.C. SRIDHAR, ADVOCATE FOR THE RESPONDENT : BY MR. A. SHANKAR, SR. COUNSEL FOR MR. M. LAVA, AND MR BHAIRAV KUTTAIAH, ADVS. JUDGMENT The Revenue is in appeal under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act', for short). Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tments. For the Assessment Year 2013-14, the assessee filed returns declaring the income of ₹ 9,02,72,260/- under the head business and other sources. In the said return, the assessee claimed deduction in a sum of ₹ 11,16,20,995/- as deduction under Section 801B(10) of the Income Tax Act. The assessing Officer, on examination of the eligibility criteria as is stipulated under Section 801B(10) of the Income Tax Act concluded that the respondent did not fulfill the condition 'C' laid down in the said provision and disallowed the deduction vide assessment order dated 5.3.2016 (Annexure-B) 6. Being aggrieved by the said assessment order, assessee preferred an appeal before the Commissioner of Income Tax (Appeals). The Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e deduction under Section 80IB(10) of the Act as the provision do not envisage such deduction and one of the conditions which is required is a cine qua non for claiming deduction under Section 80IB(10) of the Act is that the total built up area of the residential units in the housing project should not exceed 1500 square feet. 9. In the case on hand, assessee has failed to satisfy the said condition. It is also urged that the Tribunal erred in holding that the project completion method is a recognized method of accounting without properly examining as to whether the assessee is entitled to project completion method in the absence of assessee placing regular books of accounts. It is also pointed out that the Tribunal has placed reliance o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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