9911796707
TMI Blog2013 (6) TMI 250X X X X Extracts X X X X X X X X Extracts X X X X ..... permissible built up area was 4569 sq.mt. which is more than 1 acre (4047 sq.mt.). Secondly, the approval to construct from the local authority is 21.06.2003 which is after 01.10.1998. Thirdly, the residential unit developed and built up area of 300 sq.ft. per unit which is less than 1500 sq.ft. as applicable to Nashik, and lastly the construction has been completed as per the completion certificate on 04.11.2006 which is before 31.03.2008. Thus all the conditions have been complied by the assessee for claiming deduction u/s.80IB(10) on the housing project. AO was not justified in rejecting the claim on the ground that assessee has not utilised the fully permissible FSI - appeal filed by the Revenue dismissed. - ITA No.962/PN/2011 & CO No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ority to construct on 26.06.2003. The assessee constructed total built up area of 2059 sq.mt. and completed the same by 04.11.2006. The assessee, therefore, claimed deduction u/s.80IB(10) amounting to Rs.33,49,895/- in respect of the profit arising out of the sale of houses. The claim was supported by Auditors report u/s.44AB in Form No.10CCB and same was filed alongwith the return of income. 3. The Assessing Officer found that assessee has not fully consumed the entire buildable area during the year. Therefore, he observed that it cannot be said that the project has been completed on or before 31.03.2008 as the assessee has not utilised the entire built up area. Therefore, balance area remained to be built which was going beyond the mand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase of the Assessing Officer is that the assessee constructed the building on the part of the land and did not consume the entire built up area. Therefore, it cannot be said that the project has been completed on or before 31.03.2008. As a matter of convenience the provisions of sub-section 10 of section 80IB as applicable to the assessment year under consideration is as under: The amount of deduction in the case of an undertaking developing and building housing projects approved before the 31st day of March, 2008 by a local authority shall be hundred per cent of the profits derived in the previous year relevant to any assessment year from such housing project if,- (a) such undertaking has commenced or commences development a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tained in clause (a) or clause (b) shall apply to a housing project carried out in accordance with a scheme framed by the Central Government or a State Government for reconstruction or redevelopment of existing buildings in areas declared to be slum areas under any law for the time being in force and such scheme is notified by the Board in this behalf; (c) the residential unit has a maximum built-up area of one thousand square feet where such residential unit is situated within the city of Delhi or Mumbai or within twenty-five kilometres from the municipal limits of these cities and one thousand and five hundred square feet at any other place; (d) the built-up area of the shops and other commercial establishments included ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view of the above, CIT(A) was justified in holding that assessee has fulfilled all requirements for claiming deduction u/s.80IB(10). Therefore, Assessing Officer was not justified in rejecting the claim and he was rightly directed to allow the claim of Rs.33,49,895/- made by the assessee u/s.80IB(10) of the Act which does not require any interference from our side. We uphold the same. 8. As a result, the appeal filed by the Revenue is dismissed. CO No.60/PN/2011 9. The Cross Objection is nothing but supporting the order of the CIT(A). Since we have decided the issue in Revenue s appeal in favour of the assessee, the objection raised by way of Cross Objection was taken care and goes infructuous. 10. As a result, the appeal of the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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