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TMI Blog2021 (7) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... ehend as to how the sum admittedly received as on-money on the booking of flats, can be construed as not arising from the same source when the question of granting deduction u/s 80IB(10) thereon surfaced. The doctrine of approbate and reprobate does not allow the Department to blow hot and cold in the same breath, thereby accepting one consequence arising from the statement of the assessee while rejecting the other one. When the assessee made a surrender with the clear backdrop of having received 'on money and the Revenue accepted the same while including it in the total income, it cannot later on claim that no deduction u/s 80IB(10) can be granted on the same as the assessee failed to prove that the flat bookers gave such on-money. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .02.2010, during which it transpired that it received on-money amounting to ₹ 5.57 crores on flat bookings in Sri Shantisagar Project, which was not recorded in the books of account. Such a sum was offered for taxation and the return was accordingly filed declaring total income at ₹ 5,30,50,000 including the amount surrendered at ₹ 5.57 crores. Later on, the assessee filed a revised return on 31.03.2012 declaring total income at ₹ 2,79,640 by claiming deduction u/s 80IB(10) of the Act amounting to ₹ 5,27,70,356 which was not claimed in the original return of income. The AO called upon the assessee to submit details of ₹ 5.57 crores with name and address of the persons who allegedly gave on-money along wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered deeds, were on-money. In response to question Nos. 40/41, the assessee surrendered the entire on-money recorded on the back side of flat booking receipts as its income from other sources, by stating that . I have also submitted a letter to this effect. The total income declared from other sources in respect of Sri Shanti Nagar Project i.e. on money collection works out to ₹ 5.57 croes . In view of the above, it is clear that the assessee received a sum of ₹ 5.57 crores as `on-money which was not declared in the books of account but offered as additional income during the course of survey in respect of its otherwise eligible housing project. The said money was duly accounted for in the total income at the time of filing o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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