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2015 (11) TMI 120 - AT - Income TaxClaim of deduction u/s. 80IB(10) - A.O denied the deduction mainly for the reason that according to the A.O, Assessee was a "Developer" but a Contractor - CIT(A) allowed the claim - Held that:- CIT(A) while granting relief to the Assessee has given a finding that the land cost was debited by the Assessee to its Profit and Loss account, the entire risk and control over the residential unit of the two schemes developed by the Assessee was of the Assessee. She has further given a finding that the tests laid down in the case of Shakti Corporation [2008 (11) TMI 436 - ITAT AHMEDABAD] to claim deduction u/s. 80IB(10) stand fulfilled in the case of Assessee. With respect to the area in case of certain flats where it was held by DVO to be in excess of 1500 sq. ft., Ld. CIT(A) has given a finding that in view of the definition of "built up area", the areas of the flats did not exceed the area of 1500 sq. ft. because balcony/veranda could not be included in the built up area of 1500 sq. ft. prescribed by the statute. She has further held that commercial construction has not been found to have been incurred by the Assessee and that Assessee was eligible for deduction u/s. 80IB(10) of the Act. Before us, Revenue has not placed any material on record to controvert the findings of ld. CIT(A). In view of these aforesaid facts, we find no reason to interfere with the order of ld. CIT(A) - Decided in favour of assessee.
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