Ita/401/2014 Of The Commisioner Of Income-Tax v. M/S S N Builders & Developers

IN THE HIGH COURT OF KARNATAKA AT BENGALURUDATED THIS THE /[TH|]DAY OF JANUARY 2071PRESENT| THE HON’BLE MR. JUSTICE ALOK ARADHE AND| THE HON’BLE MR. JUSTICE NATARAJ RANGASW AMYILT.A. NO.401 OF 2014 BETWEEN: 1.|THE COMMISSIONER OF INCOME-TAX C.R. BUILDING, QUEENS ROAD BANGALORE. 2.|THE ASST. COMMISSIONER OF INCOME TAX. CIRCLE-4(1) UNITY BUILDING ANNEXE. MISSION ROAD, BANGALORE-560 O27. _... APPELLANTS (BY MR. K.V. ARAVIND, ADV.,) AND" M/S. S N BUILDERS & DEVELOPERS|S.N.N. AGORA, RAJ LAKE VIEWNO.3761, 29TH MAIN, BIM II STAGE.N.S.PALYA MAIN ROADBANGALORE-560 0/76. (BY MR. A. SHANKAR, SR. COUNSEL FOR| MR. M. LAVA, ADV.,) .., RESPONDENT THIS I.T.A. IS FILED UNDER SEC. J6O0-A OF INCOME TAXACT 1961, ARISING OUT OF ORDER DATED 11.04.2014 PASSEDIN ITA NO.654/BANG/2013 FOR THE ASSESSMENT YEAR 2009-10,PRAYING TQ: | (1) FORMULATE THE SUBSTANTIAL QUESTIONS OF LAW,STATED ABOVE. (ii) ALLOW THE APPEAL AND SET ASIDE THE ORDER.PASSED BY THE ITAT, BANGALORE IN ITA NO.654/BANG/2013.DATED 11.04.2014 CONFIRMING THE ORDER OF THE APPELLATE.COMMISSIONER AND CONFIRM THE ORDER PASSED BY THE ASST..COMMISSIONER OF INCOME TAX, CIRCLE-4(1), BANGALORE. THIS I.T.A. COMING ON FOR’ HEARING, THIS’ DAY, |ALOK ARADHE J.,DELIVERED THE FOLLOWING: | JUDGMENT This appeal under Section 260-A of the Income TaxAct, 1961 (hereinafter referred to as ‘the Act’, for short) has|been filed by the revenue. The subject matter of the appealpertains to the Assessment Year 2009-10. The appeal wasadmitted by a Bench of this Court vide order dated|28.07.2015 on the following substantial questions of law: “1, Whetner the Hon bie Tribunal ts right in|holding that the assessee is eligible forproportionatedeductionundersectionSOIB(10) when according to provisions of|section 80OIB(10) of the Act, one of theconditions to be fulfilled for claiming deductionis that the total built up area of the residentialunits in the housing project shall not exceed|1500 square feet in the city of Bangalore. ? 2. Whether tne Tribunal ts right in nolding tnat|the project completion method Is a recognized method of accounting without examining as towhether the assessee entitled to the projectcompletion method in the absence of regular|books of accounts required to be maintained|by tne assessee?’. 3. For the reasons assigned by us in ITA No.393/2014passed today, this appeal stands dismissed. Sd/-JUDGE Sd/-JUDGE RV