TMI Blog2013 (10) TMI 981X X X X Extracts X X X X X X X X Extracts X X X X ..... rlier years, respectfully following the aforesaid order of the Co-ordinate Bench of earlier years, deduction allowed – Decided against the Revenue. - ITA No 3028/Ahd/2010 - - - Dated:- 11-10-2013 - Shri G. C. Gupta And Shri Anil Chaturvedi, A.M.,JJ. For the Appellant : Shri O. P. Batheja. Sr. D. R. For the Respondent : Shri Hiren Trivedi A. R. ORDER Per Shri Anil Chaturvedi, A. M. 1. This appeal is filed by the Revenue against the order of CIT(A)-IV, Ahmedabad dated 12.08.2010 for A.Y. 2007-08. 2. The facts as culled out from the orders of lower authorities are as under: 3. Assessee is a company engaged in the business of development of land and construction of housing and other projects. Assessee filed its return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ilities, duties and risks with regard to the project lay with the land owners and not with the Assessee. He accordingly disallowed the claim of deduction under 80IB(10) amounting to Rs. 18,42,620/-. Aggrieved by the order of A.O., Assessee carried the matter before CIT(A). CIT(A) decided the issue in favour of the Assessee for the reason that in A.Y. 03-04,04-05 05-06 on identical facts, the issue was decided by his predecessor in favour of the Assessee. CIT(A) also concluded that the Assessee had acquired the dominance over the land and the land was under the possession of the Assessee and for all practical purposes, the Assessee was the de facto owner of the land and had developed the housing project by incurring all the expenses and ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or over, a fixed period irrespective of whether or not the land is actually developed by the developer. This finding of fact could not be controverted by the learned DR. Hence, it is undisputed fact that the land in question had a fixed price and the possession was handed over to the assessee for development of the project as per the development agreement. Hence, even if, the title of the land in question remained with the landowners and was not transferred in the name of the assessee developer, it has to be accepted that the actual beneficial owner of the land is the assessee developer because any appreciation in the price of the land will go to the coffers of the assessee developer and the landowner has no share in such appreciation of pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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