IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER ITA No. 3765/MUM/2024 ITA No. 3762/MUM/2024 (Assessment Year : 2008–09) (Assessment Year : 2010–11)

ITA No. 2343/MUM/2024 (Assessment Year : 2013–14)

Aakash Nidhi Builders & Developers AAkash Nidhi Italian Marble House, Santacruz Airport Side, W.E. Highway, Vile Parle (West), Maharashtra – 400049 ……………. Appellant PAN: AALFA7373H v/s ITO – 25(2)(1), Kautilya Bhavan, BKC ……………. Respondent Maharashtra ITA No.4320/MUM/2024 (Assessment Year : 2010–11 )

ITO – 34(1)(1), Room No.230D, 2^nd Floor, G-Block, Kautilya Bhavan, BKC ……………. Appellant Maharashtra - 400051 vs.

Aakash Nidhi Builders & Developers, Aakash Nidhi Italian Marble House, Santacruz Airport Side, W.E. Highway, ……………. Respondent Vile Parle (West), Maharashtra – 400049 PAN: AALFA7373H ITA No.3053/MUM/2024 (Assessment Year : 2013–14)

ITO – 25(2)(1), Room No.230D, 2^nd Floor, ……………. Appellant Kautilya Bhavan, BKC, Bandra East, Maharashtra - 400051 vs.

Aakash Nidhi Builders And Builders Mumbai, AAkash Nidhi Italian Marble House, Santacruz Airport Side, W.E. Highway, ……………. Respondent Vile Parle West, Maharashtra – 400049 PAN: AALFA7373H Assessee by : Shri Vimal Punmiya Revenue by : Shri Ram Krishn Kedia, Sr.DR Date of Hearing – 19/03/2025 Date of Order - 15/04/2025

O R D E R

PER: SHRI SANDEEP SINGH KARHAIL, J.M.

The present appeals by the assessee and the Revenue arise from the separate impugned orders dated 03/07/2024, 24/06/2024 and 01/04/2024, passed under section 250 of the Income Tax Act, 1961 (“the Act”) by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, [“learned CIT(A)”], for the assessment year 2008-09, 2010-11 and 2013-14, respectively.

2. Since these appeals pertain to the same assessee arising out of the similar factual matrix, these appeals were heard together as a matter of convenience and are decided by way of this consolidated order.

ITA No. 3765/Mum./2024 Assessee’s appeal – A.Y. 2008-09

3. In this appeal, the assessee has raised the following grounds: –

“1. On the facts and circumstances of case and in law, Ld. ITO erred in disallowing deduction u/s.80-IB of Rs.2,51,07,390/-.

2. The Ld. ITO erred in charging interest u/s. 234B, 234C of the Income Tax Act.

3. The Ld. ITO erred in invoking penalty provisions u/s.271(1)(c) of the Income Tax Act.”

4. The solitary grievance of the assessee is against the denial of deduction under section 80-IB(10) of the Act.

5. The brief facts of the case pertaining to this issue, as is evident from the record, are: The assessee is a partnership firm engaged in the business of building and development. For the year under consideration, the assessee undertook the construction of a housing project, namely “Aakash Nidhi” at Mira Road (East), District-Thane, and declared a total profit of Rs. 2,51,07,392. The entire profit earned by the assessee was claimed as a deduction under section 80-IB(10) of the Act. Hence, for the year under consideration, the assessee filed its return of income on 30/09/2008, declaring a total income of Rs. Nil. The return filed by the assessee was processed under section 143(1) of the Act.

6. Subsequently, on the basis of the assessment conducted for the assessment year 2007-08, wherein similar deduction claimed under section 80-IB(10) of the Act for the very same project was disallowed, notice under section 148 of the Act was issued on 28/03/2014 and proceedings under section 147 of the Act were initiated. In response, the assessee filed a letter stating that the return filed by the assessee on 30/09/2008 be treated as a return filed in response to the notice issued under section 148 of the Act. During the assessment proceedings, the assessee was asked to show whether it has fulfilled all the conditions laid down for claiming deduction under section

80-IB(10) of the Act. After considering the submissions of the assessee, it was not