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TMI Blog2017 (5) TMI 1420X X X X Extracts X X X X X X X X Extracts X X X X ..... as an entrepreneur rather than as a contractor, and that is what is relevant. In view of the above discussions, as also bearing in mind entirety of the case, we approve the conclusions arrived at by the learned CIT(A) and decline to interfere in the matter. X X X X Extracts X X X X X X X X Extracts X X X X ..... re the CIT(A), he reversed the action of the Assessing Officer. In doing so, he relied upon Hon'ble jurisdictional High Court's judgment for the assessment year 2005-06 in assessee's own case for the same project. It was also noted that similar deduction, for the same project, has also been allowed in the assessment years 2006-07 and 2008-09, and that there is no material change in facts and circumstances of the case. Yet, the Assessing Officer is aggrieved of the relief so granted by the CIT(A) and is in appeal before us. 4. We have heard the learned Departmental Representative, perused the material on record, including the written note filed by the assessee, and duly considered facts of the case in the light of the applicable legal posit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e develops, cannot be supplied by any purported legislative intent. 34. We have reproduced relevant terms of development agreements in both the sets of cases. It can be seen from the terms and conditions that the assessee had taken full responsibilities for execution of the development projects. Under the agreements, the assessee had full authority to develop the land as per his discretion. The assessee could engage professional help for designing and architectural work. Assessee would enroll members and collect charges. Profit or loss which may result from execution of the project belonged entirely to the assessee. It can thus be seen that the assessee had developed the housing project. The fact that the assessee may not have owned the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dynamic commercial world even as, in substance, the fundamental character of the business remains the same, but certainly such modalities or complexities of business models cannot come in the way of eligibility for an incentive which is for the purpose of 'developing and building a housing project'. There is no justification, conceptual or legal, in restricting eligibility of deduction under section 80IB(10) to any particular business model that an entrepreneur adopts in the course of developing and constructing housing project. ……….while giving effect to the opinion of Third Member u/s.255(4) of the Act, we take view in conformity with order of jurisdictional High Court in case of ABG Heavy Industries Ltd. (supra) av ..... X X X X Extracts X X X X X X X X Extracts X X X X
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