1. Malpani
Estates Vs. Assistant Commissioner of Income Tax, I.T.A. Nos. 2296 to
2298 of 2012, Date of Order: 30.01.2014, Pune - Trib
Whether
deduction under section 80-IB(10) will be available in respect of
additional income offered in a statement under section 132(4), duly
declared in return filed u/s 153A ?
Held Yes
That the assessee has derived income from undertaking a housing project, which is eligible for section 80-IB(10) benefits.
That the
additional income in question relates to the housing project undertaken
by the assessee. The material seized in the course of search; the
deposition made by the assessee's partner during search under section
132(4); and, also the return of income filed in response to notice
issued under section 153A(1)(a) after the search, clearly show that the
source of impugned additional income is the housing project.
That the
expression 'all other provisions of this Act shall apply to the
assessment made under this section' in Explanation (i) of section 153A,
it clearly implies that in assessing or reassessing the 'total income'
for the assessment years specified in section 153A(1)(b), the import of
section 80A(1) comes into play, and there shall be allowed the
deductions specified in Chapter VI-A, of course subject to fulfilment of
the respective conditions. Therefore, the assessee's claim for
deduction under section 80-IB(10) even with regard to the enhanced
income was well within the scope and ambit of an assessment under
section 153A(1)(b) and the Assessing Officer was obligated to consider
the same as per law. In the result, on the basis of the aforesaid legal
position and the material and evidence on record, assessee is eligible
for deduction under section 80-IB(10) in relation to impugned additional
income offered in a statement under section 132(4) in the course of
search and subsequently declared in the return filed in response to
notice under section 153A(1)(a).
(Please click here for judgment)
2. ITO Vs. Mrs. Bibi Siddiqua Husaini, I.T.A. No. 1975/M/2011, Date of Order: 27.08.2014, ITAT - Mumbai
For the purpose of indexation, the date should be reckoned from the date from which the original owner held the property.
Held Yes
Assessees
sold some immovable property and while computing capital gain assessee
took cost of acquisition of previous owner. AO however observed that
indexation could only be allowed from the year in which the asset was
first held by the assessee. He held that in the case in hand, the asset
for the first time vested in the assessee only on 19.2.2004, he
therefore allowed the indexation from Financial Year 2004-05. Assessee
contented that the property was acquired by her late husband Mr. Sultan
Huseini in the F.Y.1999-2000.The property was passed to the assessee on
19.02.2004 i.e. the date when her husband died.
Ho’ble
ITAT held that in view of the decision of “CIT vs. Manjula J. Shah”
(2013) 355 ITR 0474 directed the AO to adopt cost inflation index of
acquisition of the capital asset with reference to the year in which the
previous owner first held the asset.
In the result, the appeal of the revenue is dismissed.
(Please click here for judgment)
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