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TMI Blog2013 (7) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... and sale of the housing units to be located on the land being developed by him. The assessee had taken financial risk of developing the project as the investment in purchasing the land in the name of the society was also made by the assessee. The assessee was enrolling the members, receiving the contributions and the price of the unit was also decided by the assessee. All these activities of the assessee show that the profit as well as loss would have accrued to the assessee only. Thus CIT(A) has rightly held that the assessee was entitled for deduction u/s. 80IB(10) following the decision of Gujarat High Court in case of Radhe Developers and Others [2011 (12) TMI 248 - GUJARAT HIGH COURT]. Revenue's appeal is dismissed. - ITA No. 2315/Ah ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le for deduction u/s.80IB(10) of the IT. Act, 1961. As per the provisions of section 80IB(10) of the IT. Act, 1961 the following ingredients are necessary to be fulfilled by an appellant who claimed the deduction u/s.80lB(10) of the Act viz. : a] There should be profit and gains "derived" by an undertaking developing and building housing project : b] Such housing project should be approved by the local authorities c] such undertaking has commenced or commences development and construction of the housing project on or after the 1st day of October, 1998 and completes such construction, - (i) in a case where a housing project has been approved by the local authority before the 1s' day of April, 2004, on or before the 31st day of March, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rm duly signed and verified by such accountant. g) The built up area of the shop and other commercial establishment included in the housing project does not exceed 5% of the aggregate built up area of the housing project or 2000 sq. ft. whichever is less. In the present case the appellant firm has fulfilled all the ingredients which are necessary for claiming deduction u/s.80IB(10) of the Act. We are submitting herewith necessary details/explanations in respect of claim of deduction u/s.80IB(10) of the Act as under: (i) The appellant has derived profit of Rs. 1400876/- from developing and building housing project "stadium Plaza". (ii) The housing project "Stadium Plaza" is being approved by local authority. The plan is approved-on - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lant and credited to his account. All the rights for allotment, sales, possession are of the appellant only. For your ready reference copies of accounts of the society from the books of appellant and contra accounts from the boos of society for the F.Y. 2001-02 to 2004-05 are enclosed. From above, it is very crystal clear that appellant has complied all the provisions of the law for deduction U/S 80-IB of the Act. Considering above, you are requested to allow the deduction in the Interest of the justice and consistency. The appellant has further relied on the decision in the case of Radhe Developers." After taking into consideration this submission, the ld. CIT(A) held that the assessee was entitled to deduction u/s. 80IB(10) of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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