TMI Blog2012 (11) TMI 1304X X X X Extracts X X X X X X X X Extracts X X X X ..... TA.No. 1003/Mds/2008 relating to the assessment year 2003-04 raising the following questions of law:- 1. Whether in the facts and circumstances of the case, the Tribunal was right in holding that the Commissioner was not justified in revising the assessment order under Section 263 ? 2. Whether on the facts and circumstances of the case, the Tribunal was right in allowing the benefit of claim under Section 80IB(10) when the assessee is not a developer, but only a builder, when the eligibility to deduction u/s.80IB(10) is conferred for developing and building housing projects ? 2. It is seen from the facts narrated therein that the assessee is engaged in the business of developing and construction of housing projects. It entered i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ention of the owners of the land was to develop the land and construct the building, and that the assessee was only acting as a builder, who assisted the land owner in the construction. In the circumstances, the assessee's claim was negatived and directions were issued to the Assessing Officer to revise the order of assessment accordingly. 5. Aggrieved by this, the assessee went on appeal before the Income Tax Appellate Tribunal, who held that when the Assessing Officer has taken one view based on the decision of the Ahmedabad Bench of Income Tax Appellate Tribunal, the possibility of yet another view would not empower the Commissioner of Income Tax (Appeals) under Section 263 of the Act to treat the order of the Assessing Officer as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing and construction of housing project, should be the owner of the property. 8. The assessee engaged in developing and building the housing project is entitled to relief under Section 80 IB of the Act and on profits and gains earned in the housing projects. In the circumstances, we reject the Revenue's appeal in T.C.(A). No. 1366/2008, thereby, the order of the Income Tax Appellate Tribunal is confirmed. 9. Consequent on the order passed by the Commissioner, the Assessing Officer proceeded in giving effect to the order of the Commissioner of Income Tax (Appeals) under Section 263 of the Act and held that the assessee was not entitled to deduction under Section 80IB(10) of the Act. Aggrieved by that, the assessee went on appeal be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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