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TMI Blog2012 (8) TMI 354X X X X Extracts X X X X X X X X Extracts X X X X ..... back for reconsideration, then the agreements connected to the land and the details of the approval granted by the local authority permitting to develop the housing project can also be examined if deem fit - in favour of revenue for statistical purposes. - ITA Nos.227,228/Ahd/2012 & 487/Ahd/2010 - - - Dated:- 15-6-2012 - SHRI MUKUL Kr.SHRAWAT, AND SHRI ANIL CHATURVEDI, JJ. Appellant by : Shri B.L.Yadav, Sr.D.R. Respondent by : Shri U.S. Bhati, A.R. O R D E R PER SHRI MUKUL Kr. SHRAWAT, JUDICIAL MEMBER : These three appeals have been filed by the Revenue arising from the orders of the Learned CIT(Appeals)-XV, Ahmedabad dated 23/11/2011 (for AYs 2004-05 2005-06) and 3/12/2009 (for AY 2006- 07). For all these ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... within the definition of Developer and Builder . According to him, the land being integral part of a housing project but did not belong to the assessee, therefore the said housing project did not qualify for deduction u/s.80IB(10) of the I.T.Act. The Assessing Officer has also given a working of the built-up area B type unit as follows:- Ground Floor : 330.12 First Floor : 299.01 -------- Total Area : 629.13 (For 4 Units) = 629.13/4 = 157.282 Built up area as per plan works out at 629.13 for 4 units, individually it comes to 157.282 sq.mtr. Conversion of 157.282 sq.mtr., in sq.ft. it comes to q1692.35 sq.ft. which exceeds limit specified u/s.80IB i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the development of the project. Ld.AR has therefore drawn our attention on the list of advances from members and the relevant clauses of the agreement. 5. Having heard the submissions of both the sides, we are of the view that in the light of the facts of the case as narrated hereinabove, now this issue is required to be decided as per the law laid down by the Hon'ble Jurisdictional High Court pronounced in the case of CIT vs. Radhe Developers 341 ITR 403 [2012] 341 ITR 403 (Guj.). We have carefully perused this citation in the light of the facts of the present case and, therefore, we deem it proper to restore this issue back to the file of the Assessing Officer. The guidelines given by the Hon'ble High Court can be summarized as follows ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting permission to construct the residential units or to earn profit as a project developer. (i) The AO has to ascertain the position of the possession over the land during the construction period. (j) For the purpose of construction the AO has to examine the financial arrangements. (k) The AO has to examine the procedure for raising of funds either by private placement or by financial institutions. (l) The risk element connected with the said housing project has also to be examined. (m) The Assessing Officer has to examine the size of the plot on which project is constructed. (n) The Assessing Officer has to examine built-up area of sanctioned unit whether will in the prescribed limit. 6. In addition to the above guidelines, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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