M/s. Nagpal Landmarks (Formerly एम्/एस Nagpal Properties), Pune V. Income-tax Officer, Ward - 14(3), Pune

MA 199/PUN/2022

AI Insights

The case involves M/s. Nagpal Landmarks, which filed a Miscellaneous Application against an order of the Income Tax Appellate Tribunal concerning the assessment year 2011-12. The original dispute was about the eligibility for deduction under section 80IB(10) of the Income-tax Act, 1961, specifically regarding the size of flats and the cutoff date for completion. The Tribunal had initially stated that the deduction should be granted on a proportionate basis for flats 'sold' up to 31-03-2011, instead of 'completed'. Both parties agreed that this was a clerical error. The Tribunal corrected this to reflect the correct legal terminology, ensuring the deduction applies to all flats completed by the specified date.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 137799 (ITAT-PUNE)
• Duration Of Justice: 9 month(s) 8 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 19-02-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 16-02-2023
• Assessment Year: 2011-2012
• Appeal Filed On: 11-05-2022
• Laws Referred To: Income-tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH, ‘B’ PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SHRI PARTHA SARATHI CHAUDHURY, JUDICIAL MEMBER Miscellaneous Application No.199/PUN/2022 (arising out of ITA No.562/PUN/2018) Assessment Year : 2011-12 M/s. Nagpal Landmarks (Formerly M/s. Nagpal Properties), 614, Sacred World South Tower, Wanaworie, Pune 411 040 PAN : AAFFN1476N Vs. ITO, Ward-14(3), Pune (Applicant) (Respondent) आदेश / ORDER PER R.S.SYAL, VP : This Miscellaneous Application has been moved by the assessee against the order dated 11-11-2021 passed by the Tribunal u/s.254(1) of the Income-tax Act, 1961 (hereinafter also called ‘the Act’) in relation to the assessment year 2011-12. 2. The ld. AR contended that the assessee had raised two issues impacting the grant of deduction u/s.80IB(10) viz,. (1) where the flat size was more than 1500 sq.ft. and (2) the cutoff date being the date of completion 31-03-2011. While adjudicating on the second issue, the Tribunal in para No.4 recorded in 4 th line that deduction u/s.80IB(10) Assessee by: Shri Nikhil Pathak Revenue by: Shri Suhas Kulkarni Date of hearing 17-02-2023 Date of pronouncement 20-02-2023 M.A.No.199/PUN/2022 M/s. Nagpal Landmarks 2 was to be granted on proportionate basis in respect of the flats `sold’ up to 31-03-2011. He submitted that the section talks of ‘completing’ the flats and by mistake the word “completed” came to be written as “sold”. The ld. DR fairly admitted the position. 3. In view of the foregoing discussion, it is clear that the direction of the Tribunal to grant proportionate deduction u/s.80IB(10) has been correctly given with reference to the cases of cutoff date of 31-03-2011. However, while clarifying, the word “sold” came to be written instead of the word “completed”. We, therefore, modify 5 th line of para 4 of the Tribunal order which would now read as under : “To put it simply, all the flats completed up to 31-03-2011 are eligible for deduction but where the area of flats sold is more than 1500 sq.ft., then the deduction should be restricted to that extent.” 4. In the result, the Miscellaneous Application is allowed. Order pronounced in the Open Court on 20 th February, 2023. Sd/- Sd/- (PARTHA SARATHI CHAUDHURY) (R.S.SYAL) JUDICIAL MEMBER VICE PRESIDENT पुणे Pune; िदनांक Dated : 20 th February, 2023 सतीश M.A.No.199/PUN/2022 M/s. Nagpal Landmarks 3 आदेश की ितिलिप अ ेिषत/Copy of the Order is forwarded to: 1. अपीलाथ / The Appellant; 2. थ / The Respondent 3. The CIT concerned 4. 5. The Pr. CIT-4, Pune DR, ITAT, ‘B’ Bench, Pune 6. गाड फाईल / Guard file. आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण ,पुणे / ITAT, Pune Date 1. Draft dictated on 17-02-2023 Sr.PS 2. Draft placed before author 20-02-2023 Sr.PS 3. Draft proposed & placed before the second member JM 4. Draft discussed/approved by Second Member. JM 5. Approved Draft comes to the Sr.PS/PS Sr.PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading order Sr.PS 8. File sent to the Bench Clerk Sr.PS 9. Date on which file goes to the Head Clerk 10. Date on which file goes to the A.R. 11. Date of dispatch of Order. *