In Commissioner Of Income Tax-1 v. M/S Vishnu Developers, the High Court (2018) dismissed the appeal. The decision went in favour of the assessee.
Decision: Tax Appeal is dismissed only on this ground.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL NO. 961 of 2011
==========================================================COMMISSIONER OF INCOME TAX-1VersusM/S VISHNU DEVELOPERS
==========================================================
Appearance:MR KM PARIKH for the PETITIONER(s) No. 1MR.VARUN K.PATEL for the PETITIONER(s) No. 1RULE UNSERVED for the RESPONDENT(s) No. 1==========================================================
CORAM: HONOURABLE MR.JUSTICE AKIL KURESHIand
HONOURABLE MR.JUSTICE B.N. KARIA
Date : 05/03/2018
ORAL ORDER
(PER : HONOURABLE MR.JUSTICE AKIL KURESHI)
The only question raised by the Revenue in this appeal is of assessee's claim of deduction under section 80IB(10) of the Act on the sale of unused FSI. Disputed amount however, is extremely small and resultant tax effect even smaller, decisively below the tax effect provided in the latest circular of CBDT to enable the Revenue to file appeal before the High Court.
Tax Appeal is dismissed only on this ground.
(AKIL KURESHI, J.)
(B.N. KARIA, J.)
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