9911796707
TMI Blog2022 (3) TMI 389X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstance of the case and in law, the Hon'ble ITAT was justified in not taking into consideration a turning fact; namely that the land in question had been conveyed to the SRA and the firm was merely constructing on the dictates of the SRA as its contractor. 2. Whether on the facts and in the circumstances of the case, the Hon'ble Tribunal was correct in its proposition that the Respondent firm be considered a developer and not a contractor, in view of the undisputed fact of having conveyed the land to the SRA. 3. Whether in law and on the facts of the instant case, was the Tribunal justified in merely upholding the orders of the CIT(A); without proper appreciation of the facts of the land having been transferred to the SRA; t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t has been considered by the Hon'ble Gujarat High Court in Commissioner of Income Tax vs. Radhe Developers [2012] 341 ITR 403 (Guj). The Gujarat High Court has rejected the argument of Revenue that in order to receive benefit under Section 80IB(10) of the Act requirement of ownership of the land must be read into the statute. The relevant portion of the judgment reads as under : XXXXX 31. Neither the provisions of Section 80IB nor any other provisions contained in other related statutes were brought to our notice to demonstrate that ownership of the land would be a condition precedent for developing the housing project. It was perhaps not even the case of the Revenue that under the other laws governing construction in urban and sem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing, maturing, maturation. d. Webster Dictionary, the following definitions emerge: a. To realize the potential of; b. To aid in the growth of strength, develop the biceps, c. To bring into being: make active (develop a business) d. To convert (a tract of land) for specific purpose, as by building extensively. e. Law lexicon Dictionary: The following definitions could be seen: Development a. To act, process or result of development or growing or causing to grow; the state of being developed. b. Happening." 32. Section 80IB(10) of the Act thus provides for deductions to an undertaking engaged in the business of developing and constructing housing projects under certain circumstances noted above. It does not provide that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance on the order of the CIT(A) for 2007-08 to hold that the issue was debatable; the Tribunal ought to have appreciated that each assessment year is a separate entity and therefore was required to consider the facts and circumstances that were before the A.O. and the CIT for 2006-07. 4. Whether in law and on the facts of the case, was the Tribunal justified in holding that the Respondent Assessee was eligible for deduction under section 80(IB)10; not appreciating the Explanation to the said sub-section that this deduction is not available to a contractor. 9. If we consider Question No.4 then we will not have to go to consider Question No.1, 2 and 3 because Question No.4 is similar to the questions proposed in Income Tax Appeal No.470 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
