- (1.) This appeal has been filed by the Principal Commissioner of Income Tax (Central), Kanpur under Section 260-A of the Income Tax Act, 1961 (the Act) against the order dated 18 February 2015 of the Income Tax Appellate Tribunal 'G' New Delhi (the Tribunal) relating to the assessment year 2005-06.
(2.) The questions of law that have been framed in the appeal are as follows:- 1. Whether Hon'ble ITAT was justified in dismissing Revenue's appeal by observing that the assessee's claim of deduction under Section 80IP is allowable on undisclosed income that was declared in consequence of search. 2. Whether Hon'ble ITAT was justified in dismissing Revenue's appeal by observing that the assessee's claim of deduction under Section 80IB is allowable in respect of disallowance under Section 40A(3) made on undisclosed income that was declared in consequence of search. 3. Whether Hon'ble ITAT was justified in dismissing Revenue's appeal by observing that the assessee's claim of deduction under Section is allowable in terms of Section 80IB (13) on subsequent enhancement of income.
(3.) The relevant facts are that the assessee had furnished a return of income on 18 January 2006 for the assessment year 2005-06 declaring income of Rs. 34,89,935/- after claiming deduction of Rs. 41,83,813/- under Section 80IB of the Act. This claim was allowed by the Assessing Officer by order dated 10 July 2007 under 143 (B) of the Act. However, a search was carried out on the premises of the Company on 6 February 2009 and certain incriminating documents were seized. The revenue found from the seized documents that there was an undisclosed income of Rs. 5,68,80,271/-.;