Thistle Properties P. Ltd , Mumbai vs Assessee on 6 February, 2013
To answer the question, the AR placed before us
copy of order in the case of Vandana Enterprises vs ITO, in ITA no.
1251/Mum/2007, wherein on identical facts, as that of the assessee,
the coordinate Bench at Mumbai, allowed the claim of deduction u/s
80IB(10). In this case also, the flats were sold in pairs, which exceeded
1000 sq. ft. The AR, therefore, pleaded that since the facts are similar,
the ratio derived from this order, may be applied in so far as the bona
fide intention, for the purposes of Explanation 1 to section 271(1)(c)
and the instant penalty appeal is concerned, wherein the revenue
4 M/s. Thistle Properties Pvt. Ltd.