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2015 (10) TMI 1863 - ITAT CHENNAI

2015 (10) TMI 1863 - ITAT CHENNAI - TMI - Non grant of deduction u/s.80IB(10) - Held that:- It is appropriate to go through the agreements entered with the prospective buyers alongwith financial statements to see the details of investment made by assessee and decide the issue in the light of the judgment of Madras High Court in the case of Sanghvi & Doshi Enterprise [2014 (11) TMI 556 - MADRAS HIGH COURT]. Accordingly, we remit the entire issue to the file of Assessing Officer with direction to .....

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l involvement and technical knowhow from assessee’s side itself. - Decided partly in favour of assessee for fresh consideration. - ITA No. 1353/Mds/2014 - Dated:- 19-6-2015 - Chandra Poojari, AM And Challa Nagendra Prasad, JM, JJ. For the Appellant : T Banusekar, CA For the Respondent : Shri N Madhavan, IRS, JCIT ORDER Per Chandra Poojari, Accountant Member This appeal by assessee is directed against the order of the Commissioner of Income Tax (Appeals)-II, Coimbatore, dated 18.02.2014 for the a .....

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n view of the Explanation inserted w.r.e.f. 01.04.2001 by the Finance Act 2009. Aggrieved, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals). 4. The Commissioner of Income Tax (Appeals) confirmed the order of the Assessing Officer. Against this, the assessee is in appeal before us. 5. We have heard both the parties and perused the material on record. The ld. Authorised Representative for assessee submitted that the assessee is a developer who has undertaken constru .....

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98 (Madras HC) (v) CIT vs. Moon Star Developers 2014 (4) TMI 1042-(Guj H.C) 6. On the other hand, the ld. Departmental Representative relied on the order of the lower authorities and submitted that in the agreement, the assessee was called as "contractor" and it cannot be considered as "developer" and assessee has not taken any risk or made any investment in the project and the cost of construction was incurred by respective flat owners and as such deduction u/s.80IB(10) can .....

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ITD 151 (Chen), the assessee is entitled for deduction u/s.80IB(10) of the Act. Admittedly, as held by the coordinate bench in the case of Sanghvi & Doshi Enterprise confirmed by Madras High Court, the assessee need not be a owner of the land to grant deduction u/s.80IB (10), if the assessee undertakes all the risk involved from the commencement of the project to the completion of the project. In other words, if the assessee undertook development of the project in terms of section 80IB(10) .....

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