2011 (12) TMI 516 - HC - Income Tax

Appeal is admitted for consideration of following substantial question of law - Whether on the facts and in the circumstances of the case the Appellate Tribunal was right in law in allowing deduction u/s.80IB(10) r.w.s. 80IB(1) to the assessee when the approval by the local authority as well as completion certificate was not granted to the assessee but to the landowner and the rights and the obligations under the said approval were not transferable and when the transfer of dwelling units in favour of the endusers was made by the landowner and not by the assessee?

Summary

The Gujarat High Court admitted a Tax Appeal to consider the substantial question of law regarding the deduction under sections 80IB(10) and 80IB(1) for the assessee. The issue was whether the Appellate Tribunal was correct in allowing the deduction when the approval and completion certificate were granted to the landowner, not the assessee, and the transfer of dwelling units was done by the landowner, not the assessee.