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2012 (10) TMI 571 - AT - Income TaxDeduction u/s 80IB - Assessee had constructed flats based upon individual agreements entered with prospective flat buyers - Power of attorney from land owner was only in the name of Managing Partner – AO argued that the prospective flat buyer had appointed assessee, only as a contractor for constructing the apartment i.e. consider as job works contract – Held that:- Cost of the land all the development costs of the project were also charged in the assessee-firm. Just because assessee-firm entered into separate agreements with prospective flat buyers for construction of flats, we cannot say that the project was not being developed by the assessee. We are of the opinion that in this situation, assessee’s claim u/s 80- IB(10) was not hit by the Explanation added thereto vide Finance (No.2) Act, 2009 with retrospective effect from 1.4.2001. Issue decides in favour of assessee Deemed dividend u/s 2(22)(e) - Assessee had received a loan from Company wherein partners of the assessee-firm also Directors – Held that:- Assessee did produce number of evidence, which inter alia included journal entry passed reversing earlier sales made to the said company, which resulted in the debit balance turning into a credit balance. Such particulars were never produced by the assessee before AO. Issue remand back to AO.
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