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TMI Blog2022 (2) TMI 859X X X X Extracts X X X X X X X X Extracts X X X X ..... he order passed by the ld. CIT(A). - I.T.A. Nos.586 and 1178/Chny/2019 - - - Dated:- 24-1-2022 - Shri V. Durga Rao, Judicial Member And Shri G. Manjunatha, Accountant Member For the Appellant : Shri S. Palani Kumar, CIT For the Respondent : Shri T. Banusekar, C.A. ORDER PER V. DURGA RAO, JUDICIAL MEMBER: Both the appeals filed by the Revenue are directed against different orders of the ld. Commissioner of Income Tax (Appeals)-1, Coimbatore dated 10.12.2018 for the assessment year 2014-15 and order dated 15.02.2019 for the assessment year 2013-14. 2. Brief facts of the case are that the assessee filed return of income for the assessment year 2014-15 on 29.11.2014. The case was selected for scrutiny and after ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct was inserted w.e.f. 01.04.2010 and it was an afterthought to substantiate the deduction claimed and pleaded for reversing the appellate order and restore that of the assessment order. 5. On the other hand, besides relying upon the decision in the case of CIT v. Arun Excello Foundations (supra) and the decision of the Tribunal in the case of M/s. Elegant Estates v. ITO (supra) the ld. Counsel for the assessee strongly supported the order passed by the ld. CIT(A). 6. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. In this case, the assessee made a claim of deduction under section 80IB(10) of the Act. As called for, the assessee has furnished books of accounts, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l for the assessee. By following the decision of the Hon ble Jurisdictional High Court in the case of CIT v. Arun Excello Foundations (P.) Ltd., the Coordinate Benches of the Tribunal in the case of Elegant Estates v. ITO (supra) has observed and held as under: 5. We have heard both parties and gone through the relevant findings. Admitted factual position is that assessee has sold two residential units jointly to Shri and Smt. K. Ramachandran on 16th and 17th July, 2008 i.e. much before the relevant previous year. Meaning thereby that the residential units with all rights and title stood transferred much before insertion of clause (f) in section 80 IB(10) by the Finance Act, 2009 w.e.f. 01.04.2010 having prospective effect only. The as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase law CIT vs. ARUN EXCELLO FOUNDATIONS (P) LTD (2013) 212 TAXMAN 342 (Mad) is also quoted in support. The assessing authority is accordingly directed to make proportionate disallowance and pass its consequential order. 8. Against the above decision of the Tribunal, the Department preferred further appeal before the Hon ble Jurisdictional High Court and vide its order in CIT v. Elegant Estates [2016] 383 ITR 49 (Mad), the Hon ble High Court confirmed the order of the Tribunal by dismissing the appeal filed by the Department. 9. Moreover, similar view has also been taken by the Mumbai Benches of the Tribunal in the case of Om Swami Smaran Developers (P.) Ltd. v. ITO [2018] 90 taxmann.com 267 (Mumbai Trib.) and relevant head-notes ..... X X X X Extracts X X X X X X X X Extracts X X X X
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