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TMI Blog2016 (2) TMI 276X X X X Extracts X X X X X X X X Extracts X X X X ..... r orders, rendered a finding that the Respondent – Assessee had fulfilled all conditions laid down in Section 80 IB(10) of the Act for housing project. Consequently, the entire profits from the housing project would be entitled to deduction thereunder. Thus, even if the amount of ₹ 1,32,000/- is added to the profits of the Respondent – Assessee as contended by the Revenue it would have no im ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al, Mumbai. The impugned order of the Tribunal dealt with AYs 2005-06, 2006-07 and 2007-08. The present Appeal relates to the order of the Tribunal for the AY 2007-08. 2. Mr Malhotra, learned counsel for the Revenue has re- framed the questions of law. At the hearing, Mr Malhotra presses only the following questions of law for our consideration :- (A) Whether on the facts and in the circum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le Manufacturing Co.Pvt.Ltd. While purchasing development rights from the said Company ? 3. So far as questions (A) and (B) above are concerned, Mr Malhotra, learned counsel for the Revenue very fairly states that the impugned order of the Tribunal was a common order passed for not only the subject Assessment Years but also for AYs 2005-06 and 2006-07. The questions (A) and (B) above were al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f ₹ 1,32,000/- has to be added being the sale of excess area to M/s Hindustan Candle Manufacturing Co. Pvt.Ltd. leading to an increase in the profits of the Respondent Assessee. However, both the CIT (Appeals) and the Tribunal, have in their orders, rendered a finding that the Respondent Assessee had fulfilled all conditions laid down in Section 80 IB(10) of the Act for housing project. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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