9911796707
TMI Blog2015 (3) TMI 456X X X X Extracts X X X X X X X X Extracts X X X X ..... iteria for being approved as a housing project, then, deductions cannot be denied under Section 80IB(10) of the Act, merely because the assessee had obtained separate plan permits for the six blocks. If the conditions specified under Section 80-IB are satisfied, then deduction is allowable on the entire project. Since the project was approved in accordance with Development Control Rules, the assessee would be entitled to 100% deduction on the entire project approved by the Local Authority. See (Commissioner of Income Tax V. Shantiniketan Property Foundation (P) Limited [2015 (3) TMI 452 - MADRAS HIGH COURT] - Decided in favour of assessee. - Tax Case (Appeal) No.56 of 2015 - - - Dated:- 9-3-2015 - The Honourable Mr. R.Sudhakar And The Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y six separate permits. For the assessment year under consideration, the assessee filed its return of income on 31.10.2007 admitting nil income. While computing the total income, the assessee claimed a sum of ₹ 2,40,76,271/- as deduction under Section 80IB(10). The case of the assessee was selected under CASS and notice under Section 143(2) was issued on 12.09.2008. Scrutiny assessment under Section 143(3) was completed on 31.12.2009. The Assessing Officer allowed the claim of the assessee under Section 80IB(10) for the assessment year under consideration. 3. Finding that the order of the Assessing Officer is prejudicial to the interest of the Revenue, the Commissioner of Income Tax (Appeals) passed an order under Section 263 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Court in the case of CIT v. Vandana Properties reported in 353 ITR 36 (Bom). 7. The Tribunal, on hearing both sides, came to hold that the assessee had developed a project in a land measuring 1 acre and 6.5 cents and allotted 1022 sq.ft. of undivided share of land to each of the 48 allottees and hence, the assessee is entitled to the benefit of Section 80IB(10) of the Income Tax Act as a composite scheme. For better clarity, the findings of the Tribunal reads as follows: 5.We have heard the submissions made by the representatives of both sides and have perused the orders of the authorities below. We have also examined the judgment of Hon'ble Bombay High Court on which the ld. counsel for the assessee has placed reliance. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect. A further perusal of the records show that permits have been granted for each block on the same day which further fortifies the claim of the assessee that the projects are part of the composite housing scheme. 8. The Tribunal taking note of the facts in the case of CIT v. Vandana Properties reported in 353 ITR 36 (Bom), which followed the CBDT Circular dated 4th May 2001 came to hold that the assessee is eligible to claim deduction under Section 80IB(10) of the Income Tax Act in respect of the project Voora Prithvi situated at Kamaraj Salai, Kottivakkam. 9. Aggrieved by the order of the Tribunal, the Revenue is before this Court raising the above mentioned questions of law. 10. Heard learned Standing Counsel appearing for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f this Court dated 2.11.2012 in the case of Viswas Promoters Private Limited V. The Assistant Commissioner of Income Tax in T.C.Nos.1014 of 2009, 857 of 2010 and 190 to 192 of 2012 and W.A.No.471 of 2010 held as follows: 3. As rightly pointed out by the learned counsel for the assessee, applying the decision of the Bombay High Court reported in (2012) 206 TAXMAN 584 CIT V VANDANA PROPERTIES, this Court had already considered similar issue in T.C.Nos.1014 of 2009, 857 of 2010 and 190 to 192 of 2012 and W.A.No.471 of 2010 VISWAS PROMOTERS PRIVATE LIMITED V. THE ASSISTANT COMMISSIONER OF INCOME TAX dated 2.11.2012 and allowed the assessee's appeal. We may point out her that the present assessee's stand is on a better footing than ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
