2013 (1) TMI 916 - AT - Income Tax

Summary

Issues involved: Appeal against CIT (A)'s order allowing deduction u/s 80IB(10) for construction project.

Ground 1: CIT (A) allowed deduction u/s 80IB(10) despite project not completed on time.

Ground 2: CIT (A) allowed deduction on proportionate basis for partially completed project.

Ground 3: CIT (A) allowed deduction despite plot area being less than 1 acre.

Ground 4: CIT (A) allowed deduction even though some units exceeded 1500 sq.ft.

Details:
- Assessee claimed deduction u/s 80IB(10) for project "Anant Regency Phase-II."
- AO disallowed claim due to plot area < 1 acre, units > 1500 sq.ft, and incomplete project by 31.03.2008.
- CIT (A) allowed deduction based on earlier year's decision and ITAT Mumbai's order.
- Revenue challenged CIT (A)'s decision on above grounds.
- Assessee argued that issues were addressed in previous year's order.
- CIT (A) upheld deduction citing previous year's decision and ITAT's ruling.
- ITAT considered Revenue's objections from previous year's order.
- ITAT referred to previous case law regarding plot area calculation and unit size criteria.
- ITAT concluded that deduction should be allowed proportionately for completed area.
- ITAT rejected Revenue's appeal based on previous year's decision.
- Appeal by Revenue dismissed, CIT (A)'s decision upheld.

Judges: B. Ramakotaiah (Accountant Member) and Vivek Varma (Judicial Member)