TMI Blog2012 (11) TMI 704X X X X Extracts X X X X X X X X Extracts X X X X ..... terial relating to earlier year. By respectfully following the Tribunal decision in assessee’s own case, issue is decided in favour of the assessee - revenue’s appeal is rejected. Deduction u/s. 80IB – Held that:- Assessee is not the legal owner of the land and was carrying on the activity of developing and building housing project on a land which is not owned by him There is a complete identity between the assessee referred to in Section 80IB(S) and the undertaken referred to in section 80IB(10) and this identity becomes further clear from rule 18BBB prescribing the Form No. 10CCB of audit report to be furnished by the assessee by virtue of Section 80IB(13) r.w.s. 80IA(7) - matter may be restored back to the file of CIT(A) for a fresh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 4,74,6157- and claimed deduction u7s. 80IB on an equal amount of NIL income from the business. The A.O. has stated that a search operation was carried out at the business premises of the assessee on 18.06.2003. At the time of search proceedings, certain loose papers and documents/ materials found, seized and inventorized as per Annexure-BF-II of Panchnama dated 18.06.2003. Thereafter from para-4.1 on page-2 to para-6.1(c) on page-9, the A.O. has discussed the loose papers and other papers found during the course of search proceedings in respect of the search carried out on 18.06.2003 which falls in A.Y. 2004-05 which is prior to the current year. In view of the discussion of seized material the A.O. came to the conclusion that the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee and on the basis of seized materials of search conducted in A.Y. 2004- 05-rejected the books of account and made addition of Rs. 44,84,647/- as per the calculation given in Para- 9.2 on page- 15 16 of the assessment order. 4. Being aggrieved, the assessee carried the matter in appeal before CIT(A) who has deleted the addition by following the order of his predecessor in assessment year 2005-06. Now, the revenue is in appeal before us. 5. Ld. D.R. supported the assessment order whereas the Ld. counsel for the assessee supported the order of Ld. CIT(A). It was also submitted by the Ld. Counsel for the assessee that in assessment year 2005-06, the matter was carried by the revenue to the Tribunal in I.T.A.No. 1844/Ahd/2009 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee u/s 80-IB of the Income tax Act, 1961 amounting to Rs.4,79,616/. 8. The brief facts of the case regarding this issue till the assessment stage are noted by Ld. CIT(A) in para 6 of his order which is reproduced below: This is regarding disallowance of claim of deduction u/s. 80IB, In the assessment order, the A.O. has disallowed the claim of deduction u/s. 80IB for the following reasons:- (1) The assessee is not the legal owner of the land and as per the provisions of section 80IB(10) r.w.s 80IB(1) the primary condition for allowing the deduction is that the assessee should be the owner of the land. The A.O. held that the assessee was carrying on the activity of developing and building housing project on a land which is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s. 80IB. 9. Being aggrieved, the assessee carried the matter in appeal before Ld. CIT(A) who has deleted this disallowance by following the order of his predecessor in assessment year 2005-06. Now, the revenue is in appeal before us. 10. Ld. D.R. supported the assessment order whereas Ld. A.R. supported the order of Ld. CIT(A). He also submitted that in assessment year 2005-06, the matter was restored back by the Tribunal on this issue to the file of Ld. CIT(A) with a direction to decide this issue afresh in the light of the Tribunal decision rendered in the case of Shakti Corporation. He submitted that in the present year also, the matter may be restored back to the file of Ld. CIT(A) for a fresh decision. He also submitted that no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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