TMI Blog2015 (4) TMI 947X X X X Extracts X X X X X X X X Extracts X X X X ..... s i.e. the plot in question being an independent plot with net area of 3461.68 sq.mtrs.? - Held that:- Orders passed by the Tribunal cannot be faulted. In the present case, we find that the assessee has complied with all the requirement of provisions of Section 80IB(10) of the Act since he has undertaken to commence the development project on 1st October, 1998 and completed the project on or before 31st March, 2008. Furthermore, it is seen that the project completion has been complied by by virtue of section 80IB(10)(d) on a plot of land which is 1.33 acres. The criteria of minimum area of 1 acre required under section 80IB(10)(a) had been met. It also complied with section 80IB(10) (c) of the Act since the area was situated within 25 kms. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nicipal Corporation (KDMC) for the project comprising 14 buildings. The Respondent made a claim under section 80IB(10) for deduction which came be disallowed and an addition came to be made to the extent of ₹ 76,94,360/-. According to the Assessing Officer, the project exceeded the prescribed limit of 2000 sq. ft. of commercial space in building Nos.4, 6 10. 3. Being aggrieved by the order, the assessee filed an appeal before the Commissioner of Income Tax (Appeals) who allowed the appeal holding that the assessee has complied with the conditions laid down for claiming deductions. The revenue filed an appeal before the Tribunal, which was dismissed on 31st December, 2012. The Commissioner observed that the assessee had only const ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... off development rights in respect of the construction of six buildings to the assessee and some others to M/s. Vidhi Developers. Three independent developers have developed three different projects on the land. The assessee did so in the name and style of Shiv Amrut Dham. Vidhi was developed by Vidhi Developers and Amrut Dham by Jayshree Builders. The Tribunal found that the Assessing Officer has treated all the three projects as one because a common plan had been initially approved by KDMC. Thus, it was on this basis, the Assessing Officer chose to disallow the exemption on the ground that the project exceeded the specifications. In the instant case, both the Commissioner and the Tribunal both fact finding authorities held that the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of 3461.68 sq.mtrs.? 7. Mr. Tejveer Singh further submitted that the Tribunal was wrong in having dismissed the revenue's appeal. On the other hand, Mr.Hadade appearing for the assessee submitted that the facts in the case of Vidhi Builders were not applicable in the present case although on the first brush it seems identical. 8. Having heard counsel for both sides and having perused the records, including the orders of the Assessing Officer, the Commissioner of Income Tax (Appeals) and the Tribunal, we are of the view that the orders passed by the Tribunal cannot be faulted. It is true that reliance placed on the case of Vidhi Builders is not entirely correct. Vidhi complex was constructed and completed on a land which was less ..... X X X X Extracts X X X X X X X X Extracts X X X X
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