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2014 (1) TMI 1361 - AT - Income TaxAcceptance of additional evidences - Held that:- The assessee could not submit any document to substantiate that the assessee had commenced the project after 1st October 1998 - The learned Commissioner (Appeals), on a perusal of the audited Balance Sheet and Profit & Loss account for the assessment year 2000-01, has given a finding that the project had started after 1st April 1999 i.e., much after 1st October 1998, therefore, benefit of section 80IB(10) cannot be denied - On a perusal of these audited Balance Sheet for the assessment years 1999-2000 and 2000-01, which were filed for the first time before the learned Commissioner (Appeals), it is seen that prima-facie it cannot be inferred that there was no opening work-in- progress with regard to these particular project as apparently there is no clear cut demarcation of work-in-progress of old and new projects - Profit & Loss account shows that there is an opening work-in- progress of 2,48,50,382 - Without any bifurcation, it is very difficult to infer about the conclusion drawn by the learned Commissioner (Appeals) - It does constitute additional evidence which requires opportunity for verification and examination by the Assessing Officer – The issue has been restored for fresh adjudication. Whether the assessee be treated as developer for deduction u/s 80IB(10) – Held that:- The assessee has got substantial right for developing the land as a developer and there is entire transfer of right to the assessee for development of the property - The assessee is also substantially entitled to sell the entire units and will also appropriate all the sale proceeds - Out of the said sale proceeds, the assessee was entitled for 95% of the receipts – Decision in case of CIT v/s Radhe Developers [2011 (12) TMI 248 - GUJARAT HIGH COURT] followed - The assessee need not be a land owner but should have substantial right to develop the property with all the risk and responsibility - The assessee can be held to be a developer for the purpose of claiming deduction under section 80IB(10) – Decided against Revenue.
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