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Global Reality, Bhopal vs Assessee on 6 September, 2011 cites

Reliance Jute & Industries Ltd vs C.I.T., West Bengal, Calcutta on 10 October, 1979

3. We have considered the rival submissions of ld. representatives of both sides and perused the material available on record. Brief facts are that the assessee declared 4 nil income in its return after claiming deduction u/s 80IB(10) of the Act amounting to Rs. 35,42,526/- (AY 04-05), Rs.23,42,464/- (AY 05-06) and Rs.9,62,915 (AY 06-07). The Assessing Officer was of the view that the claimed deduction is only available in respect of eligible housing project, subject to fulfilment of conditions laid down in the Section. The Assessing Officer held that the deduction is not allowable to the assessee especially when the assessee has not satisfied the conditions laid down under the provisions of Section 80IB(10) of the Act. On appeal, the ld. CIT(A) approved initiation of proceedings u/s 147 as the built-up area of two bungalows was more than 1500 sq. ft., consequently, he affirmed withdrawal of deduction u/s 80IB(10) of the Act, being inadmissible. The assessee is in further appeal before this Tribunal.
Supreme Court of India Cites 8 - Cited by 253 - R S Pathak - Full Document
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