COMMISSIONER OF INCOME TAX Vs. PRATHAM DEVELOPERS

JUDGEMENT

(1.) Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal dated 31.5.2012 raising following questions for our consideration:

(2.) Such a question is therefore, not required to be considered.

(3.) Coming to question (B), Revenue's stand is that a total sum of Rs. 11,05,556/- did not represent the assessee's claim from development of housing project and such amount therefore, was not eligible for deduction under section 80-IB(10) of the Act. Such amount included a sum of Rs. 4.36 lakhs (rounded off) towards interest received from the purchases on delayed payments and a sum of Rs. 8.70 lakhs (rounded off) towards balances written of in case of contractors and suppliers. CIT (Appeals) however, deleted such addition on the ground that both the amounts were part of the assessee's income derived from development of housing project. Revenue carried the said issue in appeal before the Tribunal. Tribunal by impugned judgment confirmed the decision of CIT (Appeals), making following observations: