CIT(A)'s exercise of jurisdiction u/s 264 (of Income Tax Act, 1961) in allowing assessee's appeal upheld

1. The Assessing Officer rejected the claim of deduction u/s 80IB(10) (of Income Tax Act, 1961) on the basis that the assessee was not eligible for claim of deduction u/s 80IB(10) (of Income Tax Act, 1961) in view of the fact that the FSI approved by the local authorities exceeded 1,500 sq. ft.

2. CIT(A) allowed assessee's appeal.

3. On appeal, the ITAT held as under:

4."The learned Counsel for the assessee submitted that the claim of the assessee has been allowed by the learned CIT by exercising jurisdiction u/s 264 (of Income Tax Act, 1961) in respect of Assessment Years 2003-04 and 2006-07. This contention of the learned Counsel for the assessee has not been controverted by the Revenue by placing any material on record; therefore, the grounds raised in this appeal are dismissed. In the result, this appeal of the Revenue is dismissed.

5. In this appeal by the Revenue for Assessment Year 2005-06 also identical grounds are raised. Therefore, for the detailed discussion in ITA No.253/Ahd/2012 for Assessment Year 2004-05 (supra), the Revenue's appeal for Assessment Year 2005-06 is also dismissed.

6. In the result, both the appeals filed by the Revenue are dismissed.”

Case Reference- The Income Tax Officer Vs M/s. Aditya Corporation

IN THE INCOME TAX APPELLATE TRIBUNAL "D" BENCH, AHMEDABAD

BEFORE SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SHRI KUL BHARAT, JUDICIAL MEMBER ./ ITA Nos. 253 & 254/Ahd/2012 /Assessment Year : 2004-05 & 2005-06