TMI Blog2013 (7) TMI 776X X X X Extracts X X X X X X X X Extracts X X X X ..... rescription, has to be decided in a pragmatic and reasonable way. It would have been an entirely different issue had there been a statutory prescription of what would be the date of commencement of construction or development. It is certainly a debatable issue on which more than one plausible view is reasonably possible and merely because the Assessing Officer has taken one plausible view, it cannot be said that the assessment is erroneous or prejudicial to the interest of the Revenue - Decided against Revenue. Whether the respondents could have been assessed on the basis of ALV of the unsold flats - Held that:- Assessee could have been assessed on the basis of ALV of the unsold flats - Following decision of COMMISSIONER OF INCOME TAX Ve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly. In the meanwhile, in respect of the intervened assessment years 2000-01, 2001-02, the Assessing Officer appears to have accepted the assessee contentions. These led to an action under Section 203 by the Commissioner who invoked its revisional powers. Eventually, that culminated in a common order dated 12.06.2009 of the ITAT itself. The relevant observations of the ITAT upholding the assessee s contentions which have been noticed in the impugned orders in these cases are extracted below: - 17. Respectfully following the aforesaid three decisions, we hold that the deduction to the assessee can be allowed with respect to the units which did not exceed the statutory limit of 1000 sq. Ft. And the assessee would not be entitled to reducti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allowed deduction under section 80IB (10) of the Act. We, therefore, vacate his order and restore that of the AO. It is, however, except for the construction found to be in excess built up area over 1000 sq. ft. as aforesaid and in respect of which the assessee would not entitled to deduction. 2. The Revenue carried the matter further in appeal to this Court in respect of the said years 2000-01 and 2001-2002 by preferring ITA 480/2010, 485/2010 and 437/2011. By a judgment dated 24.09.2012, the Revenue s contentions were rejected both as to the findings of the Tribunal with regard to the tenability of invocation of Section 263 as well as the merits. This is evident from the following extract of the judgment of this Court for the said year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as thus made aware of the dates on which the approvals were granted in respect of each of the four housing projects. The more important aspect was the applicability of clause (a) of Section 80IB(10). On this aspect the Tribunal held that any construction carried out before the receipt of necessary approvals would be unauthorized and could not be recognized. It was found by the Tribunal that in any case there was only site development by filling of pits, leveling of land, construction of roads, wells, laying of sewerage and electricity lines etc. Further there was no dispute regarding the date of commencement of construction with respect to the projects, namely, Golf Link-II and East End Loni. The Tribunal has found that both these projects ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ew is reasonably possible and merely because the Assessing Officer has taken one plausible view, it cannot be said that the assessment is erroneous or prejudicial to the interest of the Revenue. This position stands well settled by the judgments of the Supreme Court cited supra. The Tribunal applied the tests laid down in these judgments to the case. 15. For the above reasons, we are of the view that no substantial question of law arises for our consideration in ITA Nos.485/2010 480/2010. The orders of the Tribunal are accordingly upheld and the appeals filed by the Revenue are dismissed. 3. In view of above observations which also indicates that this Court was satisfied that approval of the building plans were issued after 1.10.19 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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