TMI Blog2014 (2) TMI 1289X X X X Extracts X X X X X X X X Extracts X X X X ..... limit of 1500 sq.ft. as observed by the ld. CIT(Appeals). See Sanghvi and Doshi Enterprises and others v. ITO [2014 (1) TMI 480 - ITAT CHENNAI] - Decided in favour of assessee - I.T.A. No. 385/Mds/2013 - - - Dated:- 26-2-2014 - A. Mohan Alankamony (Accountant Member) And V. Durga Rao (Judicial Member) For the Appellant : N. Madhavan, JCIT For the Respondent : Devendra Kumar Bhandari, CA ORDER V. Durga Rao (Judicial Member) This appeal filed by the Revenue is directed against the order of the Commissioner of Income Tax (Appeals) XII, Chennai, dated 22.11.2012 relevant to the assessment year 2009-10. 2. Brief facts of the case are that the assessee is a firm, filed its return of income for the year under conside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The ld. CIT(Appeals), after considering the explanation of the assessee, has observed that the assessee has invested its own money and constructed the project with all risks and responsibilities and hence becomes the owner and developer of the project for the purpose of section 80IB of the Act. Therefore, the ld. CIT(Appeals) has held that the assessee is the developer and builder of the housing project and eligible for deduction under section 80IB(10) of the Act. 4. So far as exceeding the threshold limit of 1500 sq.ft. is concerned, the ld. CIT(Appeals) has observed that from the provisions of section 80IB(14)(a), it is clear that only the actual built up area of the flat (residential units) alone is to be considered for the purpose ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... supported the order passed by the Assessing Officer. 8. On the other hand, the ld. Counsel for the assessee relied on the order of the ld. CIT(Appeals). 9. We have heard both sides, perused the materials on record and gone through the orders of authorities below. The only issue involved in this appeal is whether the assessee is entitled to deduction under section 80IB(10) of the Act or not. The Assessing officer has denied the claim of the assessee under section 80IB(10) on the ground that the assessee is not the owner of the property and another ground on which the assessee s claim was rejected is that the built up area is more than 1500 sq.ft. The same very issue on which the Assessing Officer denied the claim of the assessee came ..... X X X X Extracts X X X X X X X X Extracts X X X X
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