Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (11) TMI 110 - AT - Income TaxDeduction u/s 80IB - CIT(A) allowed the claim - Held that:- Considering the Memorandum of Understanding claimed to have been executed with Rutvan Co-operative Housing Society on whose land all development activities are carried out, it is found that it is in Gujrati and the English translation is not complete translation of the MOU, since the same begins from Preamble and the terms of Memorandum begins from clause 2 and ends at clause 4 of terms of memorandum. It is transpired from the English translation that neither it is true translated copy of MOU nor it is certified by the Respondent Firm. Therefore, the same cannot be considered as true translated copy, moreover, it is not clear as to how the risk and rewards shall be shared by the executing parties and whether the respondent firm would have dominant control lover the project - this issue is restored back to the file of CIT(A) to decide afresh after considering all the objections of the AO by way of a speaking order - in favour of revenue for statistical purpose.
|