Ita/290/2013 Of Commissioner Of Income Tax v. M/S. Oceanus Dwellings Pvt. Ltd

IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 22 DAY OF SEPTEMBER 2020. PRESENT THE HON’BLE MR. JUSTICE ALOK ARADHE AND| THE HON’BLE MR. JUSTICE H.T.NARENDRA PRASAD 1T.A. NO.290 OF 2013 BEI|WEEN 1.COMMISSIONER OF INCOME TAX) BANGALORE-III, BANGALORE. 2.DY. COMMISSIONER OF INCOME TAX)CIRCLE-12(2), BANGALORE.CIRCLE-12(2), BANGALORE. _.. APPELLANTS (BY SRI. E.I. SANMATHI, ADV.,) AND" M/S. OCEANUS DWELLINGS PVT LTD., NO.297, I FLOOR, I CROSS, 7 MAIN.BIM II STAGE, BANGALORE-560076. ... RESPONDENT (BY SRI. CHYTHANYA K.K. ADV.,) THIS IJ§.T.A. IS FILED UNDER SECTION 260-A OIL.T.ACT, 1961, ARISING OUT OF ORDER DATED 06-02-2013PASSED IN ITA NO.376/BANG/2012, FOR THE ASSESSMENTYEAR 2008-09, PRAYING TO: I. FORMULATE THE SUBSTANTIAL QUESTIONS OF LAW|STATED THEREIN.» I]. ALLOW THE APPEAL AND SET ASIDE THE ORDER OF THE|ITAT,.BANGALORE.IN|APPEAL|PROCEEDINGSITANO.3/76/BANG/2012 DATED 06-02-2013 AND ORDER OF THECOMMISSIONEROF|INCOMETAX,(APPEALS )-ITI,BANGALORE IN APPEAL ITA NO.106/C-12(2)/CIT(A)-ITI/10-11 DATED 05-17-2011. THIS I.7T.A. COMING ON FOR FURTHER HEARING, THISDAY,ALOK ARADHE J.,DELIVERED THE FOLLOWING: JUDGMENT This appeal under Section 260A of the Income Tax)Act, 1961 (hereinafter referred to as the Act for short)Nas been preferred by the revenue. Tne subject matterof the appeal pertains to the Assessment year 2008-09.The appeal was admitted by a bench of this Court videorder dated 14.08.2013 on the following substantialquestions of law:| (I)Whether in the given facts and)circumstancesOF|theCaSE,theTribunal was right in upholding the)order of the Commissioner of [ncomeTax|(Appeals)In|directingtheAssessingOfficertOallowproportionatedeductionunderSection 80IB to the extent of profitsattributable to the units, where the| built up area is below 1500 sq.ft. ? (iI)Whnetner in the given facts andcircumstancesOF|theCaSE,theTribunal was right in law in holding|that the assessee /[s entitled to claimdeduction under Section S8OQOIB respect of profits derived from sale ofresidential units, wherein the built up—area Is below 1500 sq.ft. withoutappreciatingthefact|that|thededuction under Section 80IB(10) Isproject based rather than unit and)there is no concept of proportionatededuction under Section 80IB(10)?|circumstancesOF|theCaSE,theTribunal was right in law in holding|that the assessee /[s entitled to claimdeduction under Section S8OQOIB respect of profits derived from sale ofresidential units, wherein the built up—area Is below 1500 sq.ft. withoutappreciatingthefact|that|thededuction under Section 80IB(10) Isproject based rather than unit and)there is no concept of proportionatededuction under Section 80IB(10)?| 2 |For the reasons assigned by us in the orderpassed today in ITA No.54/2013, the substantialquestions of law are answered against the revenue andin favour of the assessee. �4�8,1�61.328 �8,1�/001/2�:/-2.�/45�-.�,161=>� 5-.;-..15�� ��� ������������ �����������