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2016 (2) TMI 489 - AT - Income TaxClaim of deduction u/s.80-IB (10) - Revenue has rejected the claim of the assessee under Section-80IB(10) of the Act only for the reason that, (a) the appellant was not the owner of the land, (b) the building plan approval and completion certificate were not in the name of the appellant, (c) M/s.Ishwaraylakshmi Properties Pvt. Ltd., on who's name the building plan approval & completion certificate obtained was a loss making company having carried forward losses and therefore would not be worthwhile to claim the benefit of Section-80IB(10) of the Act, etc. - Held that:- The assessee had undertaken to complete the project with all risks attached to the project and accordingly it is eligible to claim the reward also. It is pertinent to mention here that the entire project is developed as Joint Venture between the owners of the land and the assessee firm. The owners of the land and the assessee firm have their respective roles in the development of the project jointly, sharing the risk involved in the project and also executing the project. Further, it is evident that the entire project is jointly developed by both the parties ie., the owners of the land and the assessee firm on the land extending more than one acre(106 cents) as stipulated under the Act. No other associate concern of the assessee has claimed the benefit of Section-80IB (10) of the Act on the same project as the entire profit was declared in the hands of the assessee firm and deduction claimed accordingly. As the assessee has executed the project undertaking the risks and rewards and therefore, the claim of Section-80IB(10) of the Act is justified. Needless to mention that "the appellant need not be the landowner for claiming deduction uls.80-IB(10) of the Act and further the approvals or the completion certificate need not be in the name of the appellant who is the developer of the property" as held by the decisions cited by the assessee supra. Hence, we hereby direct the Ld. Assessing Officer to grant deduction U/s.80IB (10) of the Act to the assessee. - Decided in favour of assessee
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