For claiming deduction under section 80-IB(10) open terrace area cannot be includible in calculation of built-up area

IT : For claiming deduction under section 80-IB(10) open terrace area cannot be includible in calculation of built-up area
IT : Assessee is eligible for deduction under section 80-IB(10) even in relation to additional income offered in a statement during course of search and income declared in its return in response to notice issued under section 153(1)(a)
IT : Where assessee disclosed additional income during search which was more than addition made by Assessing Officer on account of peak negative balance in cash book, if said addition was sustained it would amount to double addition
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[2014] 52 taxmann.com 360 (Pune - Trib.)
IN THE ITAT PUNE BENCH 'A'
Naresh T. Wadhwani
v.
Deputy Commissioner of Income-tax, Central Circle 1 (2), Pune*
G.S. PANNU, ACCOUNTANT MEMBER
AND R.S. PADVEKAR, JUDICIAL MEMBER
IT APPEAL NOS. 18 TO 20,60 & 61 (PN.) OF 2013
[ASSESSMENT YEARS 2007-08 TO 2009-10]
OCTOBER  28, 2014
I. Section 80-IB, read with section 153A, of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial undertakings other than infrastructure development undertakings (Housing project) - Assessment years 2007-08 to 2009-10 - Whether open terrace area cannot be form part of built-up area for claiming deduction under section 80-IB(10) in a case where terrace is a projection attached to residential unit and there being no room under said terrace, even if same is available exclusively for use of respective unit holders - Held, yes [Para 23] [In favour of assessee]
II. Section 80-IB, read with sections 132 and 153A, of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial undertakings other than infrastructure development undertakings (Computation of deduction) - Assessment years 2007-08 to 2009-10 - Whether assessee was eligible for deduction under section 80-IB(10) even in relation to additional income offered in a statement deposed under section 132(4) during course of search and income declared in return in response to notice under section 153A(1)(a) - Held, yes [Para 39] [In favour of assessee]
III. Section 69A, read with section 153A, of the Income-tax Act, 1961 - Unexplained moneys (Peak addition Theory) - Assessment years 2007-08 and 2009-10 - Whether where assessee offered quantum of undisclosed income in course of search as additional income which was more than addition made by Assessing Officer on account of peak negative balance in cash book, if aforesaid addition was sustained in addition to undisclosed income already declared, it would amount to double addition - Held, yes [Para 43] [In favour of assessee]