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TMI Blog2013 (7) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee has claimed deduction u/s. 80IB amounting to Rs.14,00,876/- he has filed copy of form No. 10CCB along with return of income with details. On verification of the same it is noticed that the assessee is not owner of the land on which he has claimed the deduction of business income. The section 80(1)(B) is not eligible as the conditions let down are not fulfilled by the assessee and the same is disallowed and to the total income returned." 3. Before ld. CIT(A), the assessee placed reliance on following written submission: "The above named craves liberty to place further following submission in connections with the appeal filed by him against the order of the I. Tax officer Ward-7(3) ( herein after referred as Ld. A.O.) dated 31-12-2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the approval in respect of the housing project is obtained more than once, such housing project shall be deemed to have been approved, on the date on which the building plan of such housing project is first approved by the local authority; (ii) the date of completion of construction of the housing project shall be taken to be the date on which the completion certificate m respect of such housing project is issued by the local authority. d] The housing project should be on a size of a plot of land which has minimum area 1 acre; e) The residential unit developed and built should have maximum built up area of 1500 sq.ft. f) The account of the undertaking for the previous year relevant to A. Y for which the deduction is claimed have been a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Plaza" is less than 1500 sq.ft. (vii) The accounts of the appellant firm is duly audited by a Chartered Accountant and copy of audit report in Form No. 10CCB for claiming deduction u/s.80IB(10) of the Act with annexed herewith. (viii) There is no commercial establishment in the housing project. In view of above, it is crystal clear that the appellant firm has fulfilled all the ingredients which are necessary to be fulfilled by an appellant for claiming the deduction u/s.80IB(10) of the Act. More over appellant has invested for the purchase of land for and on behalf of the society. All the financial investment, planning, concept of the projects developed by the appellant. Risk and responsibly and management of finance was of appellant. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owed from A.Y. 2001-02 to 04-05. Reliance was also placed on the decision of Gujarat High Court in the case of Radhe Developers & Others. During the appellant proceeding, ld. CIT(A), after going through the agreement for development, found that assessee was de facto owner of the land and assessee had full freedom to develop the plot in the manner he desired. He had also undertaken the entire task of development, construction and sale of the housing units to be located on the land being developed by him. It was further noted by ld. CIT(A) that the assessee had taken financial risk of developing the project as the investment in purchasing the land in the name of the society was also made by the assessee. The assessee was enrolling the members ..... X X X X Extracts X X X X X X X X Extracts X X X X
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