TMI Blog2012 (12) TMI 1014X X X X Extracts X X X X X X X X Extracts X X X X ..... llate Tribunal dated 30.12.2011. Following questions have been presented for our consideration : (i) Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal has erred in law by deleting the disallowance of deduction of ₹ 33.99.602/- under section 80IB(10) of the Income Tax Act, 1961? (ii) Whether in the facts and circumstances of the case the Income Tax Appellate Tribunal has erred in law in holding that the assessee is entitled to get deduction of ₹ 33,99,602/- under section 80IB(10) of the Income Tax Act, 1961 though the assessee did not own the land and the name of the assessee does not appear in the permission for development granted by local authority? (iii) Whether i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed development permission to the assessee. He had also parted with the possession of the land. The development of the land was to be done entirely by the assessee by constructing residential units thereon as per the plans approved by the local authority. It was specified that the assessee would bring in technical knowledge and skill required for execution of such project. The assessee had to pay the fees to the Architects and Engineers. Additionally, assessee was also authorized to appoint any other Architect or Engineer, legal adviser and other professionals. He would appoint Sub-contractor or labour contractor for execution of the work. The assessee was authorized to admit the persons willing to join the scheme. The assessee was authorise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and complete control over the land in question. The assessee could put the land to use as agreed between the parties. The assessee had full authority and also responsibility to develop the housing project by not only putting up the construction but by carrying out various other activities including enrolling members, accepting members, carrying out modifications engaging professional agencies and so on. Most significantly, the risk element was entirely that of the assessee. The land owner agreed to accept only a fixed price for the land in question. The assessee agreed to pay off the land owner first before appropriating any part of the sale consideration of the housing units for his benefit. In short, assessee took the full risk of executi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
