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2015 (10) TMI 1863 - AT - Income TaxNon grant of deduction u/s.80IB(10) - Held that:- It is appropriate to go through the agreements entered with the prospective buyers alongwith financial statements to see the details of investment made by assessee and decide the issue in the light of the judgment of Madras High Court in the case of Sanghvi & Doshi Enterprise [2014 (11) TMI 556 - MADRAS HIGH COURT]. Accordingly, we remit the entire issue to the file of Assessing Officer with direction to examine whether the assessee made investment by itself, executed development work and carried out civil works, deployment of technical personal, plant and machinery, technical knowhow, expertise and financial resources before handing over the completed project to the owner of the flats. If it is so, then the assessee has to be treated as developer rather than contractor. In other words, the assessee would not be denied deduction u/s.80IB(10) if the contract involves design, development, financial involvement and technical knowhow from assessee’s side itself. - Decided partly in favour of assessee for fresh consideration.
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