Anil B. Murkute, Ahmednagar V. Assistant Commissioner of Income-tax,

ITA 1898/PUN/2013

• Counselvise Citation: [2014] 120 COUNSELVISE.COM (IT) 8511 (ITAT-PUNE)
• Duration Of Justice: 11 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-09-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2010-2011
• Appeal Filed On: 23-10-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: B C MALAKAR
• Section: 2

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A, PUNE BEFORE SHRI SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER AND SHRI R.K. PANDA, ACCOUNTANT MEMBER ITA NO. 1898/PN/2013 (ASSESSMENT YEAR 2010-11) ANIL BHAUSAHEB MURKUTE, .. APPELLANT FLAT NO.3, RUNANUBANDHA APARTMENTS, NEAR PROFESSORS COLONY, SAVEDI ROAD, AHMEDNAGAR 414 003 PAN NO. ABAPM3610P VS. ACIT, AHMEDNGAR CIRCLE, AHMEDNGAR . . RESPONDENT ASSESSEE BY : SHRI NIKHIL PATHAK & SHRI SANKET JOSHI REVENUE BY : SHRI B.C. MALAKAR DATE OF HEARING : 30-09-2014 DATE OF PRONOUNCEMENT : 30-09-2014 ORDER PER R.K. PANDA, AM : THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAIN ST THE ORDER DATED 28/08/2013 OF THE CIT(A) IT/TP- PUNE RELATI NG TO THE ASSESSMENT YEAR 2010-11. 2. ALTHOUGH A NUMBER OF GROUNDS HAVE BEEN RAISED BY THE ASSESSEE, THEY BASICALLY RELATE TO THE ORDER OF TH E CIT(A) IN UPHOLDING THE DISALLOWANCE OF RS.60,53,343/- U/S. 8 0IB (10) IN RESPECT OF ON-MONEY DECLARED DURING THE COURSE OF S URVEY. 3. FACTS OF THE CASE IN BRIEF ARE THAT THE ASSESS EE IS AN INDIVIDUAL ENGAGED IN CONSTRUCTION BUSINESS. DURING THE COUR SE OF SURVEY 2 U/S.133A ON 16/02/2010 A DIARY WITH THE NOTINGS OF THE AMOUNTS RECEIVED FROM THE FLAT PURCHASERS WAS FOUND WHICH C ONTAINED EXTRA AMOUNT RECEIVED TOTALLING TO RS.50,60,000/- OVER AN D ABOVE THE AMOUNT STATED IN THE REGISTERED SALE DEEDS. THE AS SESSEE DECLARED ADDITIONAL INCOME FOR THE YEAR UNDER CONSIDERATION OF RS.40,60,000/- AS ON MONEY AND RS.1,60,000/- AS 8% PROFIT ON EXTRA WORK DONE OF RS.20,00,000/-. SUBSEQUENTLY, THE ASSESSEE RECONCI LED AND WORKED OUT THE CORRECT AMOUNT OF DISCLOSURE AT RS.58,93,34 3/- AND RS.1,60,000/- TOTALLING TO RS.60,53,343/- PERTAINI NG TO THE PROJECT KADAMBARI NAGARI PHASE-III CONSTRUCTED BY HIM. TH E ASSESSEE CLAIMED THE SAME AS DEDUCTION U/S.80IB(10). THE A SSESSING OFFICER FOLLOWING HIS ORDER FOR THE A.Y. 2009-10 IN ASSESSE ES OWN CASE DENIED THE DEDUCTION. THE LD.CIT(A) FOLLOWING HIS ORDER FOR A.Y. 2009-10 UPHELD THE DISALLOWANCE. AGGRIEVED WITH S UCH ORDER OF THE CIT(A), THE ASSESSEE IS IN APPEAL BEFORE US. 4. AFTER HEARING BOTH THE SIDES WE FIND IDENTICAL ISSUE HAD COME UP BEFORE THE TRIBUNAL IN ASSESSEES OWN CASE IN TH E IMMEDIATELY PRECEDING ASSESSMENT YEAR. WE FIND THE TRIBUNAL VIDE ITA NO.2413/PN/2012 ORDER DATED 26/06/2014 FOR A.Y. 200 9-10 HAS ALLOWED THE CLAIM OF DEDUCTION U/S. 80IB(10) ON SUC H ON MONEY RECEIVED. SINCE THE ASSESSING OFFICER AND CIT(A) F OLLOWING THE ORDER FOR A.Y. 2009-10 HAVE DISALLOWED THE CLAIM OF DEDUCTION U/S.80IB(10), THEREFORE, FOLLOWING THE ORDER OF THE TRIBUNAL FOR A.Y. 2009-10 IN ASSESSESSES OWN CASE WE SET ASIDE THE O RDER OF THE CIT(A) AND DIRECT THE ASSESSING OFFICER TO ALLOW TH E CLAIM OF 3 DEDUCTION U/S.80IB(10) AMOUNTING TO RS.60,53,343/- ON THE ON- MONEY RECEIVED. 5. THE GROUNDS RAISE BY THE ASSESSEE ARE ACCORDINGL Y ALLOWED. 6. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED. PRONOUNCED IN THE OPEN COURT AT THE TIME OF HEARING ITSELF I.E.ON 30-09-2014. SD/- SD/- (SHAILENDRA KUMAR YADAV) (R.K. PANDA) JUDICIAL MEMBER ACCOUNTANT MEM BER PUNE DATED: 30 TH SEPTEMBER, 2014 ASHWINI COPY OF THE ORDER FORWARDED TO : 1. ASSESSEE 2. DEPARTMENT 3. CIT(A)-IT/TP,PUNE 4. ADDL.CIT,ANAGAR, RANGE, ANAGAR 5. THE D.R, A PUNE BENCH 6. GUARD FILE BY ORDER // TRUE COPY // ASSISTANT REGISTRAR ITAT, PUNE BENCHES, PUNE