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TMI Blog2015 (10) TMI 1863X X X X Extracts X X X X X X X X Extracts X X X X ..... how, expertise and financial resources before handing over the completed project to the owner of the flats. If it is so, then the assessee has to be treated as developer rather than contractor. In other words, the assessee would not be denied deduction u/s.80IB(10) if the contract involves design, development, financial involvement and technical knowhow from assessee’s side itself. - Decided partly in favour of assessee for fresh consideration. - ITA No. 1353/Mds/2014 - - - Dated:- 19-6-2015 - Chandra Poojari, AM And Challa Nagendra Prasad, JM, JJ. For the Appellant : T Banusekar, CA For the Respondent : Shri N Madhavan, IRS, JCIT ORDER Per Chandra Poojari, Accountant Member This appeal by assessee is directed aga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (iii) CIT vs. Mahalakshmi Housing - 2012-TIOL-951-HC-MAD-IT. (iv) CIT vs. Ceebros Property Development (P) Ltd. (2012) 83 CCH 98 (Madras HC) (v) CIT vs. Moon Star Developers 2014 (4) TMI 1042-(Guj H.C) 6. On the other hand, the ld. Departmental Representative relied on the order of the lower authorities and submitted that in the agreement, the assessee was called as contractor and it cannot be considered as developer and assessee has not taken any risk or made any investment in the project and the cost of construction was incurred by respective flat owners and as such deduction u/s.80IB(10) cannot be granted. 7. We have heard both the parties and perused the material on record. The contention of the assessee s couns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the judgment of Madras High Court in the case of Sanghvi Doshi Enterprise [2013] 29 taxmann.com 386 (Madras). Accordingly, we remit the entire issue to the file of Assessing Officer with direction to examine whether the assessee made investment by itself, executed development work and carried out civil works, deployment of technical personal, plant and machinery, technical knowhow, expertise and financial resources before handing over the completed project to the owner of the flats. If it is so, then the assessee has to be treated as developer rather than contractor. In other words, the assessee would not be denied deduction u/s.80IB(10) if the contract involves design, development, financial involvement and technical knowhow from ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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