TMI Blog2018 (11) TMI 1249X X X X Extracts X X X X X X X X Extracts X X X X ..... e in every respect in consonance with the conditions set out u/s. 80IB(10) of the Act - no infirmity in the findings of Commissioner of Income Tax (Appeals) in allowing pro-rata deduction to the assessee in respect of completed residential units. Allowing deduction u/s. 80IB(10) considering size of plot as more than one acre after including area acquired for DP road - Held that:- The total area of size of plot on which the housing project has been constructed is 7689 sq. mtrs. After reducing the area of 1502.25 sq. mtrs. acquired by PCMC for construction of approach road, the net area of the plot on which the residential complex has been constructed is 6186.75 sq. mtrs. AO while computing the area of plot only considered saleable area of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as emanating from records are : The assessee - partnership firm is a promoter and developer. The assessee developed a housing project named Paradiso at S. No. 240/2, Wakad, Tal. Mulshi, Distt. Pune. The said project consists of a building with three wings viz. A, B and C and commercial area. The assessee claimed deduction u/s. 80IB(10) of the Income Tax Act, 1961 (hereinafter referred to as the Act ) in respect of the above said housing project. The Assessing Officer rejected assessee s claim as the assessee failed to produce completion certificate in respect of entire project. However, part completion certificate dated 31-03-2012 qua Wings A and B was produced by the assessee. The Assessing Officer rejected assessee s entire claim of de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epresenting the Department vehemently defended the findings of Assessing Officer and prayed for rejecting assessee s claim of deduction u/s. 80IB(10) of the Act. 5. We have heard the submissions made by the ld. DR and have perused the orders of authorities below. The Revenue in appeal has assailed the order of Commissioner of Income Tax (Appeals) on two grounds : i. Allowing pro-rata deduction u/s. 80IB(10) of the Act. ii. Allowing deduction u/s. 80IB(10) considering size of plot as more than one acre after including area acquired for DP road. 6. In so far as first issue is concerned a perusal of assessment order shows that the assessee has developed housing project with three Wings A, B and C. The housing project was approved o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary decision of Hon ble Jurisdictional High Court or the Hon ble Apex Court. We do not find any infirmity in the findings of Commissioner of Income Tax (Appeals) in allowing pro-rata deduction to the assessee in respect of completed residential units. Accordingly, ground Nos. 2 and 3 of the appeal by the Revenue are dismissed being devoid of any merit. 8. The second issue raised in ground Nos. 4 and 5 of the appeal is with respect to size of plot. The provisions of Section 80IB(10) mandates that the project should be on the size of plot of land having minimum area of one acre. In the present case, the total area of size of plot on which the housing project has been constructed is 7689 sq. mtrs. After reducing the area of 1502.25 sq. mtrs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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