COMMISSIONER OF INCOME TAX, CHENNAI Vs. ELEGANT ESTATES

JUDGEMENT

(1.) The instant Tax Case Appeals have been filed by the Revenue, challenging the common order dated 19.05.2016 passed by the Income Tax Appellate Tribunal, Madras "B" Bench in I.T.A.Nos.224 and 225 /Mds/2016.

(2.) The facts giving rise to these appeals are very briefly enumerated hereinafter: The respondent assessee, a firm engaged in the business of real estate development, filed its return of income for the assessment year 2011-2012 electronically on 30.9.2011, declaring a total income of Rs.29,77,127/-. The return was processed under Section 143(1) of the Income Tax Act, 1961, hereinafter referred to as "the said Act" on 15.1.2012. Likewise, for the assessment year 2012-2013, the respondent assessee filed return of income electronically on 28.3.2012 declaring a total income of Rs.69,29,550/-.

(3.) The case was, however, selected for scrutiny to verify the assesse's claim of deduction of Rs.8,87,57,581/- and 4,35,48,266/- for the two assessment years respectively under Section 80IB of the said Act in respect of two flats in a housing project sold to two members of the same family, Smt. Latha Ramachandran and Shri K.Ramachandran, being husband and wife.