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TMI Blog2015 (1) TMI 481X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the land for the purpose of the Act although title in the land had not yet passed on to the assessees and would pass only upon execution of a duly registered sale deed. For the limited purpose of deduction under section 80-IB(10) of the Act, the assessees had satisfied the condition of ownership also, even if it was necessary. - Decided in favour of the assessee. - TAX APPEAL NO. 842 of 2009 - - - Dated:- 11-12-2014 - MR. KS JHAVERI AND MR. K.J.THAKER, JJ. FOR THE APPELLANT : MR KM PARIKH, ADVOCATE JUDGEMENT Per: K S Jhaveri: 1. By way of this Appeal, the appellant has challenged the judgment and order of the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench Camp at Baroda dated 07.11.2008 in ITA No.2637/Ahd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed and served upon the assessee calling for certain information and fixing the hearing on 26.10.2007. In response to the notice, the Chartered Accountant and Authorized Representative of the assessee attended from time to time and furnished the details called for, which were verified and kept on record. During the year under assessee, the assessee firm had constructed housing project and shown total net profit at ₹ 22,75,953/- as having been derived from the development and building of the housing project.Deduction u/s.80IB(10) The assessee had claimed deduction u/s.80IB(10) at 100% of its gross total income on the plea that it derived income from the business of an undertaking developing and building housing projects approved by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fits derived from the sale of un-utilized FSI relating to the units sold by the assessee. Whereas, assuming without admitting that despite not being the owner, the assessee firm is entitled to deduction u/s.80IB(10), the element of profits derived from the business activity of development and construction relating to the sale of tenements are entitled to deduction u/s.80IB(10), the element of profits derived from the sale of unutilized FSI, relating to the units sold by the assessee is undoubtedly beyond the ambit of the provisions of section 80IB(10) and in the fitness of things having regard to the import of the provisions of section 80IB(10), deduction under the said section was not available to the assessee. The issue emerges is the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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