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2014 (4) TMI 1004 - AT - Income TaxDeduction u/s 80IB(10) of the Act – Development of housing project - Approval by the local authority and completion certificate not granted – Held that:- what is available for deduction u/s 80IB(10) of the Act is the profit of an undertaking derived from developing and building a housing project - Mere sale of open land or unused FSI as part of housing project where utilization of the FSI is way short of permissible limits cannot be said to have been derived from housing project - The AO while denying the deduction to the Assessee u/s 80IB(10) had apart from the fact that Assessee is not the owner of land but had acted as a contractor had also noted that Assessee had not fully utilized the FSI available to it for the construction of project and had utilized only 4068.58 sq. mt. out of the total area of 8900.32 sq. mt. of land - CIT(A) while adjudicating the issue has not dealt with the aspect of FSI - There is no factual finding by CIT(A) with respect to the Assessee’s eligibility of deduction u/s 80IB(10) with respect to utilization of FSI –thus, the factual issue needs re-examination, the matter is remitted back to the CIT(A) for fresh adjudication – Decided in favour of Revenue.
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