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TMI Blog2012 (8) TMI 353X X X X Extracts X X X X X X X X Extracts X X X X ..... /Ahd/2010 - - - Dated:- 15-6-2012 - SHRI MUKUL Kr.SHRAWAT, AND SHRI T.R. MEENA, JJ. Appellant by : Shri Shyam Prasad, Sr.D.R. Respondent by : Shri P.M. Mehta, A.R. O R D E R PER SHRI MUKUL Kr. SHRAWAT, JUDICIAL MEMBER : This is an appeal at the behest of the Revenue which has emanated from the order of Learned CIT(Appeals)-II, Surat dated 18/12/2009 passed for A.Y. 2006-07 and the substantive grounds raised before us read as follows:- (1) On the facts and in the circumstances of the case and in law, the learned CIT(A)-II, Surat has erred in deleting the addition of Rs.6,74,712/- made by way of disallowance of deduction claimed u/s.80-IB(10) of the I.T. Act, ignoring the fact that the assessee is not the owner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m the members. There was an agreement between R.P. Corporation, i.e. the assessee and M/s.Govindji Park Co-op.Housing Society Ltd. It was stated that the construction work was carried out by the assessee. The Assessing Officer was of the opinion that the construction was carried out by the assessee on behalf of the Co-op.Housing Society. It was also noticed by the Assessing Officer that the land belonged to the said Co-op.Society and the assessee had nothing to do with the land. According to Assessing Officer, the assessee has not got the plan approved from the local authority, i.e. SMC. On those reasons, the Assessing Officer has held that the assessee has wrongly claimed the deduction u/s.80-IB of the I.T.Act. After a detailed discussio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reference, reproduced below:- 6.1. Since both the parties agreed that the matter needs to be reconsidered in the light of aforesaid decision of the ITAT in the case of M/s.Shakti Corporation others in ITA no.1503/Ahd/200, in the interest of justice, we vacate the findings of the ld.CIT(A) and restore the matter to the file of the AO with the directions to analyse the relevant development agreement entered into by the undertaking of the assessee with the (land owners) in the light of facts obtaining in the books of accounts maintained for the said undertaking by the assessee and other relevant documents, keeping in view the aforesaid decisions of the ITAT as also after allowing sufficient opportunity to the assessee and thereafter, dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion u/s.80IB(10) has been adjudicated upon. To streamline the same, we hereby direct the Assessing Officer to examine the following aspects:- (a) The relevant terms of development agreement are to be examined so as to ascertain the terms on which the assessee was granted right of construction of a housing project. (b) On the basis of the terms and conditions, it has to be ascertained whether it was a work contract or a Development Contract . (c) On the basis of the terms and conditions, it has to be examined that which of the party had taken full responsibility for execution of the said development project. (d) Whether under the agreement the assessee had been given full authority to develop the land and to construct residential ..... X X X X Extracts X X X X X X X X Extracts X X X X
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