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TMI Blog2013 (7) TMI 737X X X X Extracts X X X X X X X X Extracts X X X X ..... 20.7.2012 raising following question for our consideration: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in upholding the decision of the CIT(A) and thereby deleting the disallowance under section 80-IB(10) without appreciating that the legal relationship between the assessee firm and the end users of the unit was that of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agreement of sale entered into between the parties. Such conditions would immediately reveal that the owner of the land had received part of sale consideration. In lieu thereof he had granted development permission to the assessee. He had also parted with the possession of the land. The development of the land was to be done entirely by the assessee by constructing residential units thereon as pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lude new member in place of outgoing member. He had to make necessary financial arrangements for which purpose he could raise funds from the financial institutions, banks etc. The land owners agreed to give necessary signatures, agreements, and even power of attorney to facilitate the work of the developer. In short, the assessee had undertaken the entire task of development, construction and sale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ur mind that the assessee had total and complete control over the land in question. The assessee could put the land to use as agreed between the parties. The assessee had full authority and also responsibility to develop the housing project by not only putting up the construction but by carrying out various other activities including enrolling members, accepting members, carrying out modifications ..... X X X X Extracts X X X X X X X X Extracts X X X X
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