TMI Blog2012 (8) TMI 1085X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot come in the way of assessee s claim for deduction u/s.80IB(10) of the Income Tax Act, 1961. 2. On the facts and in law, the Ld CIT(A) has erred in holding that the project Pride Park of the assessee is eligible for deduction u/s.80IB(10) of the Income Tax Act, 1961, on stand alone basis. 3. On the facts and in law, the Ld CIT(A) has erred in holding that as the assessee has not claimed the deduction on commercial component of the project, the deduction u/s. 80IB(10) of the Income Tax Act, 1961, is allowable to the assessee. 2. Brief facts of the case are that the assessee is engaged in the construction and development of housing project through its proprietory concern M/s Hemal Builders . The said firm has develop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntified and the agreements for sale of premises in respect of both the projects. The said submissions have been incorporated by the CIT(A) from page 4 to 10 of the appellate order. The CIT(A) after considering the facts and submissions of the assessee allowed the claim of the assessee on various counts, firstly, that similar issue has been decided in favour of the assessee by the CIT(A) for the assessment year 2004-2005; secondly, on the fact, it was clear that the assessee has not included the commercial area of the project Pride Park for the purpose of any claim under Section 80IB(10), hence, there was no point of making disallowance of such claim by the Assessing Officer and that claim under Section 80IB(10) pertains purely for residen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the decision of the Hon ble Jurisdictional High Court in the case of Brahma Associates (supra), wherein it has been held that existence of commercial units in a project commenced and completed prior to 01-04-2005, will not have any adverse impact on the claim for deduction u/s. 80IB(10). In this case, it is an undisputed fact that housing project has been commenced on 23.1.2003 and was completed on 12-2-2004 i.e. much before 1-4-2005. Thus, following the decision of the Hon ble High Court, we do not find any substance in the grounds raised by the department and is accordingly dismissed. 6. In the result, the appeal of the department is dismissed. Order pronounced in the open court on 3rd August, 2012. - - TaxTMI - TMITax - I ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
