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2023 (10) TMI 1319 - AT - Income TaxDeduction u/s 80IB(10) - Assessee allotted more than one residential unit of his housing project to an individual - CIT(A) allowed deduction - HELD THAT:- It is the claim of the assessee that he had as regards the aforesaid property, viz. Flat No. A-102 executed the agreement to sell in favor of Shri Mahendra Sethiya, HUF, but the same, in our considered view, would not take his case beyond the realm of the infraction contemplated in clause (f) of sub-Section (10) of Section 80IB. Thus for the reason that as Smt. Usha Basant Sethiya (individual ) vide a registered deed executed in her favor by the assessee got vested with both the rights and title as that of an allottee for Flat No.A-102; therefore, there is no merit in the claim of the assessee that he had transferred the said property to Shri Mahendra Sethiya, HUF. Also, the claim of the Ld. AR that HUF, had signed as a consenting party in the aforesaid registered deed executed by the assessee in favor of Smt. Usha Basant Sethiya (supra) would by no means come to his rescue. Our conviction that the aforesaid property, viz. Flat No. A-102 was allotted by the assessee to Smt. Usha Basant Sethiya (supra) can also be gathered from the fact that the profit/income accruing on the transfer of the same had been recognized by the assessee only pursuant to the execution of the aforesaid registered sale deed by him. We are unable to bring ourselves to agree with the view taken by the CIT(Appeals), who held a conviction that as Smt. Usha Basant Sethiya (supra) was neither Karta nor a member of Mahendra Sethiya, HUF; therefore, the assessee had carried out independent sale transactions of. Flat No. “A-101” & “A-102” to two different entities. We, thus, set aside the order of the CIT(Appeals) to the extent he had vacated the disallowance u/s. 80IB(10) Flat No. “A-101” and A-102” sold by the assessee to one individual, viz. Smt. Usha Basant Sethiya (supra). Decided in favor of revenue, partly.
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