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TMI Blog2012 (11) TMI 110X X X X Extracts X X X X X X X X Extracts X X X X ..... ot be considered as true translated copy, moreover, it is not clear as to how the risk and rewards shall be shared by the executing parties and whether the respondent firm would have dominant control lover the project - this issue is restored back to the file of CIT(A) to decide afresh after considering all the objections of the AO by way of a speaking order - in favour of revenue for statistical purpose. - I.T.A. No 221/Ahd/2010 - - - Dated:- 12-10-2012 - Shri A. K. Garodia, And Shri Kul Bharat, JJ. Revenue by : Sri D.P. Gupta, CIT- D.R. Assessee by : Sri Samir B. Shah, A.R. ORDER PER : KUL BHARAT, JUDICIAL MEMBER:- This appeal of the Revenue is directed against the order of Ld. Commissioner of Income Tax (Appeals ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. The completion certificate of the project Rutvan apartment was also issued in the name of the seller of the land. Ld. Departmental CITDR submitted that the Ld. CIT(A) failed to appreciate the fact that multiplicity of entities involved in constructing the project and the risk and reward associated with the said housing project can not be attached to the assessee but to all the parties having interest in the said project. He submitted that Ld. CIT(A) has not appreciated keeping in view plurality of parties interested in the project, where the interest of the assessee are limited to small or large extent it is not the case of the assessee to claim dominant control over the land as the project for that matter. He submitted that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs for sale of plot. 3.2. Another objection of AO was that the original plan includes approval for constructing shops which did not fall in confirmity with the eligibility/parameter of Section 80IB(10) as on the date of approval. Against this objection it is submitted that the project was approved as residential project. It is also submitted that the provisions of Section 80IB of the Act applicable to the said assessment year had no condition on limiting development of shops/commercial establishments even on this ground no restriction can be imposed on the projects completed up to 31-03-2003. The reliance is placed on the judgment of the Hon ble Bombay High Court rendered in the case of CIT vs. Brahma Associates in the Income Tax Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same cannot be considered as true translated copy, moreover, it is not clear as to how the risk and rewards shall be shared by the executing parties and whether the respondent firm would have dominant control lover the project. 5. In this view of the matter, this issue is restored back to the file of Ld. CIT(A) to decide afresh after considering all the objections of the Assessing Officer by way of a speaking order. Needless to say that Ld. CIT(A) shall afford reasonable opportunity as per law to the concerned parties. 6. This ground of Revenue s appeal is allowed for statistical purpose. 7. Ground No 2 and 3. Both the grounds are general in nature in view of the fact that main issue is remitted back to the file of Ld. CIT(A) for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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