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2020 (3) TMI 1311 - HC - Income TaxDeduction u/s 80IB(10) denied - profit derived from sale of unutilized FSI not being the element of profits derived from the business activity of development and construction of the housing project relating to the sale of tenements - whether ITAT has erred in law and on facts in upholding the decision of Ld. CIT(A) in allowing the deduction u/s.80IB(10) ignoring the facts that in Pratham Residency, Pratham Vatika and Pratham Vistas, assessee has exploited the project land to the maximum keeping in view the various legal and regulatory impediments and the assessee firm had sufficient reasons for not being able to fully utilize the FSI in project? - whether only the profits which are derived from development and construction of housing units are eligible for benefit u/s.80IB(10) and not the profits which are attributable to the FSI that was sold as such without developing and constructing? - ITAT deleted the addition - HELD THAT:- Both the CIT(A) and the Tribunal have arrived at concurrent findings of fact except the project of 'Pratham Citadel'. After taking into consideration the special grounds and circumstances, the ratio of the decision in the case of Shreenath Infrastructure [2014 (4) TMI 482 - GUJARAT HIGH COURT]was applied for allowing the deduction claimed by the assessee under Section80IB(10) of the Act. In respect of the project 'Pratham Citadel', for which, the CIT(A) disallowed the claim of the assessee under Section80IB(10) of the Act, the deduction in respect of utilization of FSI, the Tribunal has restored the matter back to the file of Assessing Officer for deciding afresh for examination and verification of the details to be furnished by the assessee so as to consider whether there is any special reasons for underutilization of FSI as enunciated in the case of Shreenath Infrastructure [2014 (4) TMI 482 - GUJARAT HIGH COURT] When both the CIT(A) and the Tribunal have arrived at concurrent findings of fact on the basis of the material and records, none of the questions nos.2(d), (e) and (f) could be termed as substantial question of law. The appeal, therefore, fails and stands dismissed.
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