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TMI Blog2016 (7) TMI 192X X X X Extracts X X X X X X X X Extracts X X X X ..... was entitled to deduction u/s. 80IB (10) of the Act amounting to Rs. 62,83,272/- notwithstanding the fact that the assessee has treated different blocks of apartments built on different pieces of land, each below one acre and each having a separate development agreement and separate BU permission as one single Project? B. Whether the Appellate Tribunal is right in law and on facts in deleting addition of Rs. 39,00,000/- made under Section 40(a)(ia) of the Income Tax Act without appreciating the facts that as per the statutory requirements TDS should have been deposited in Government account by 31/03/2006 whereas it was deposited on 31/05/2006? 2. Question No.1 is represented with different figures in Tax Appeal No. 379 of 2016 and Tax App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eloped one single housing project since the starting and completion dates were entirely different. These dates are relevant for the purpose of Clause (a) of Section 80IB(10). Ignoring such facts, the Tribunal granted benefit. 6. We may, however, notice that the two High Courts have, under substantially similar circumstances, taken a view which the Tribunal has followed. In case of Commissioner of Income Tax vs. Vandana Properties(supra), the Bombay High Court confirmed the decision of the Tribunal and observed as under: "26. The object of Section 80-IB (10) in granting deduction equal to one hundred per cent of the profits of an undertaking arising from developing and constructing a housing project is with a view to boost the stock of hou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Develop P. Ltd.(supra) Madras High Court held and observed that when the project fulfilled the criteria for being approved as a housing project, the deduction under Section 80IB(10) could not be denied on the ground that the assessee had obtained a separate plan permits for the six blocks. In this case also, the assessee had claimed deduction on the basis of composite development of housing project under six different blocks, the combined area of which exceeded one acre. In this case, the Madras High Court followed the decision of Bombay High Court in case of Commissioner of Income Tax vs. Vandana Properties (supra). 8. We have no reason to take a different view. This question is, therefore, not required to be considered for admission. 9. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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