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TMI Blog2022 (3) TMI 389X X X X Extracts X X X X X X X X Extracts X X X X ..... ership of the land must be read into the statute. - No substantial question of law. - INCOME TAX APPEAL NO. 470 OF 2017 ALONGWITH INCOME TAX APPEAL NO. 945 OF 2017 - - - Dated:- 3-3-2022 - K.R. SHRIRAM N. J. JAMADAR, JJ. Mr. Arvind Pinto for Appellant. Mr. M. Subramanian i/b Mr. Vishnu S. Hadade for Respondent. P.C. : 1. Appellant is impugning the order dated 9th March, 2016 passed by the Income Tax Appellate Tribunal (ITAT) upholding the conclusions arrived at by the Commissioner of Income Tax (Appeals). 2. The substantial question of law proposed in ITXA No.470 of 2017, read as under : QUESTION OF LAW 1. Whether on the facts and in the circumstance of the case and in law, the Hon ble ITAT was justi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Moreover, on examination of the agreement, copy whereof was also tendered to the court on the court s direction, a view has been taken that the assessee cannot be considered as a mere contractor simply for the reasons that the land was conveyed to SRA, since assessee has taken up the entire responsibility to construct the tenements along with infrastructural facilities and the building so constructed has been handed over to SRA. This is what emanates from the agreement which we have also considered with the assistance of the counsel. 6. Whether the proviso to Section 80IB of the Act requires that ownership of the land would be a condition precedent for developing housing project has been considered by the Hon ble Gujarat High Court in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing meaning of the term developer as: 1. One who or that which develops; 2. A person who invests in and develops the urban or suburban potentialities of real estate. b. Oxford Advanced Learners Dictionary of Current English Fourth Indian Edition gives meaning of the term 'developer' as persons or company that develops land. c. Random House Dictionary of the English Language, the following can be found. Develop : a. To bring out the capabilities or possibilities of; bring to a more advanced or effective state. b. To cause to grow or expand. Developer: a. The act or process of developing; progress. b. Synonym: Expansion, elaboration, growth, evolution, unfolding, maturing, maturation. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view the questions as proposed do not raise any substantial question of law. 8. In Income Tax Appeal No.945 of 2017 following four substantial questions of law are proposed. QUESTION OF LAW 1. Whether on the facts and in the circumstances of the case and in law, the Hon ble Tribunal was justified in cancelling the order of the CIT issued under section 263; failing to note that the CIT had cancelled the original assessment since there was no verification or enquiry done in the original assessment. 2. Whether in law and on the facts of the instant case would the lack of verification or enquiry permit the CIT to exercise powers under section 263 of the Act. 3. Whether in law and on the facts of the instant case, the Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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