2014 (10) TMI 1001 - HC - Income Tax

Deduction u/s 80IB(10)(d) - as per tribunal it is apparent that Assessee cannot be termed as a mere contractor. He is a developer and claiming rights in the land/immoveable property, that is how he proceeded to execute necessary agreements and appoint agents to carry out the construction - HELD THAT - Tribunal's order, confirming that of the Commissioner, does not raise any substantial question of law. It was not for the Assessing Officer to have sat in judgment over the satisfaction of the statutory Authorities. The documents in that behalf together with recitals were conclusive of the rights of the Assessee. - Decided against revenue

Summary

The Bombay High Court upheld the Tribunal's decision allowing the Respondent's claim under Section 80IB(10)(d). The court found that the Respondent was a developer, not just a contractor, and had rights in the land. The Assessing Officer cannot question the statutory authorities' satisfaction based on conclusive documents. The Appeal was dismissed as it had no merits.