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Issues involved:
The issues involved in the judgment are: (i) Whether construction of buildings on vacant land constitutes a new project for claiming deduction u/s 80IB(10). (ii) Whether adjoining flats approved as separate units can be treated as one unit for deduction purposes. (iii) Whether built-up area includes balcony and terrace for claiming deduction u/s 80IB(10). (iv) Whether obtaining a fresh commencement certificate makes the assessee eligible for deduction u/s 80IB(10). Issue (i): The Tribunal held that construction of buildings G, H & I on vacant land by Ankit Developers constitutes a new project, allowing the assessee to claim deduction u/s 80IB(10) despite the previous development of Maestro project by KDPL. The Tribunal's decision was based on the fact that the new construction was distinct from the prior project. Issue (ii): The Tribunal found that two adjoining flats, approved by the local authority as separate units with individual completion certificates, cannot be considered as one unit for calculating the built-up area under Section 80IB(10) of the Income Tax Act. As the decision was a matter of fact, the High Court declined to entertain this question. Issue (iii): Given the High Court's decision on the treatment of adjoining flats as separate units, the question of whether the built-up area includes balcony and terrace for deduction u/s 80IB(10) was deemed irrelevant for consideration. Issue (iv): The Tribunal's ruling that obtaining a fresh commencement certificate after the transfer of development rights made the assessee eligible for deduction u/s 80IB(10) was admitted for further consideration by the High Court. The Court acknowledged the significance of the timing of the commencement certificate in determining eligibility for the deduction. This summary provides a detailed breakdown of the issues raised in the judgment and the corresponding decisions made by the High Court for each issue.
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