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TMI Blog2013 (4) TMI 916X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961. 2. On the facts and in circumstances of the case and in law, the Ld. CIT(A) has erred while interpreting the CBDT Circular No.5 of 2005, dated 15-07-2005 to include the area of road to be the area eligible u/s.80IB. 2. The appellant craves leave to add, amend or alter any of the above grounds of appeal . 2. The Assessing Officer relying on the report of the approved valuer came to a conclusion that assessee s project was situated at a plot of land having area of 3560.30 sq.mtrs. Among other conditions assessee is supposed to raise the project on plot equivalent to 1 acre for claiming deduction u/s.80IB(10). The Assessing Officer disallowed the claim of 80IB(10) because according to him project was on less than 1 acre area. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o. 2) cited in 276 ITR 170 (Statute), wherein the guidelines issued were as follows: Extension of the time limit for obtaining approval of housing projects for the purpose of tax holiday under section 80-IB and allowing deduction for re-development or reconstruction of existing building in slum areas. This section does not specifically provide area limit for the garden, the development plan roads, internal means of access, etc., in the housing project. Therefore, the same should conform to the project plan approved by the local authority in accordance with the regulations in force. Also, the area limit of the plot has to be construed with reference to the area of the site on which the housing project is constructed and not with refer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at 3560.20 sq. mtrs as against the plot size of 4074 sq. mtrs, therefore, the Assessing Officer rejected the claim of deduction u/s.80IB(10). 6. According to the assessee he had purchased the land by way of Registered Development agreement dated 31-08-2004 in which total land area of 4074 sq. mtrs was mentioned. It was also found that registration of this development agreement was also made for 4074 Sq.mtrs for the purpose of registration and payment of stamp duty thereon. The sanctioned plan or the building plan approved also mentioned the plot area at 4074 sq. mtrs out of which deduction for road acquisition area by PCMC at 513.80 sq. mtrs was made. 7. The Assessing Officer did not consider the argument of assessee that road acquis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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