9911796707
TMI Blog2012 (5) TMI 196X X X X Extracts X X X X X X X X Extracts X X X X ..... em. Therefore, these four appeals are taken up for consideration together and disposed of by this common order. 2. The assessee is carrying on the business as promoters and builders of housing apartments and colonies. It is a private limited company which came into existence w.e.f. 2,6,2003. It filed the return of income after claiming deduction under Section 801B, A search was conducted under Section 132 of the Act in the business premises of the assessee company and also the residential premises of the Directors of the company on 80.9.2005. During the course of search certain incriminating documents/books of accounts were found and seized. After centralisation of the case, notice under Section 153A was issued on the assessee company on 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s added to the income. 3. Aggrieved by the said order, the assessee preferred an appeal to the Commissioner of Income Tax (Appeals). The Appellate Commissioner held as per the Building Industry Practice, balcony space, if not habitable, is not excluded from the built up area. But, the explanation which came into effect from l.4.2005 includes the balcony area in the built op area. Therefore, he upheld the order of the assessing authority. 4. Aggrieved by the same, the assessee preferred an appeal to the Tribunal. They affirmed the order of the Appellate Authority but still gave relief to the assessee in respect of flats which are within 1,500 sq. ft. and excluded from the application of the said provision those flats which exceeded 1,500 s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessing officer was in accordance with law? 6. In the case of CIT v. G.R. Developers [IT Appeal No. 355 of 2009] disposed of on the even date, we have held that the definition of "built up area" inserted by Finance No. 2 of 2004 which came into effect from 1.4.2005 is only prospective in nature. It has no application to the housing projects which were approved by the local authority prior to that date. Prior to 1.4.2005, in calculating the 1.500 sq. ft of a residential unit, the area covered by a balcony was excluded. Therefore, the definition of built up area which is now inserted has no application to constructions which were put up in accordance with the housing projects approved by the local authority prior to that date. In the in ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
