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TMI Blog2017 (6) TMI 1047X X X X Extracts X X X X X X X X Extracts X X X X ..... e of flats declared profit of 15,47,18,442/for Assessment Year 200809 and the same has been assessed by the Assessing Officer and the necessary benefit has been given to the assessee. In the year under consideration, the profit declared is 3,53,34,185/from the sale of the said housing project. It has been observed that the conditions laid down under Section 80IB(10) of the Act has been complied with. It is observed that the Commencement Certificate was given before 31st March, 2005 i.e. prior to the amendment - Decided against revenue. X X X X Extracts X X X X X X X X Extracts X X X X ..... iates, ignoring the fact that the decision relied on in the case of M/s. Brahma Associates and M/s. Vandana Properties is not accepted by the Department and SLP has been preferred ? 2. Mr. Suresh Kumar, learned Counsel for the appellant contends that the Tribunal has passed its judgment relying upon the judgments in the case of Commissioner of Income Tax Vs. Brahma Associates, (2011) 333 ITR 289 and Commissioner of Income Tax Vs. Vandana Properties, (2012) 19 Taxmann.com 316 (Bom). The said judgment is not accepted by the Department and has been assailed further. The learned Counsel for the appellant further submits that the finding of the Tribunal and of the CIT(A) holding that the residential housing project executed by the assessee fir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pulated period. The amount in question is pertaining to the said housing project. Even in respect of the Assessment Year 200809, the Assessing Officer has accepted the contention of the respondent. 5. We have considered the submissions canvassed by the learned Counsel for the respective parties. It appears from the record that the Commencement Certificate has been given to the respondent assessee on 7th September, 2004 for residential project. The project was completed in Financial Year 200708 and received full occupancy on 2nd December, 2008 from the local Authority. The assessee had from the sale of flats declared profit of ₹ 15,47,18,442/for Assessment Year 200809 and the same has been assessed by the Assessing Officer and the nec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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