9911796707
|
Home
Issues involved: Appeal by revenue and cross objection by assessee regarding order of Commissioner of Income tax (Appeals) for assessment year 2005-06.
Issue 1 - u/s 80IB of IT Act: The revenue challenged the deletion of addition on account of rejection of claim u/s 80IB of IT Act, arguing that ownership of land was a specified condition. The assessee contended that ownership was not a requirement under section 80IB(10) and claimed to have worked as a developer. Legislative changes and tribunal decisions were cited. The Tribunal directed the matter back to the Commissioner of Income tax (Appeals) for fresh consideration. Issue 2 - Land Registration Charges: The revenue disputed the deletion of addition for land registration charges borne by the assessee instead of buyers, contrary to market practice. The assessee provided evidence supporting the expenses and justified them for commercial expediency. The Tribunal upheld the Commissioner's decision, dismissing the revenue's grounds and allowing the cross objection of the assessee. *Note: Separate judgement was not delivered by the judges.*
|
