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of <h1>Property development project completion date and tax assessment ruling upheld by Third Member in 2012.</h1> <h3>M/s. Abode Constructions Ltd. Versus ITO-9 (1) (1), Mumbai</h3> The Hon'ble Third Member agreed with the Ld. Accountant Member that the project was complete upon signing consent terms in 2003. Additionally, the Third ... - Issues involved: Difference of opinion between the Ld. Members on two questions referred to Third Member u/s. 255(4) of I.T. Act.Issue 1: Whether the project executed by the assessee can be considered complete during the assessment year 2004-05.The Hon'ble Third Member, Shri R.V. Easwar, agreed with the view of the Ld. Accountant Member that the project should be considered complete and concluded upon signing the consent terms on 5th August, 2003, during the assessment year 2004-05.Issue 2: Whether the sum of Rs. 13.31 crores received by the assessee from MHADA during the year can be assessed as income of A.Y. 2004-05.The Hon'ble Third Member, Shri R.V. Easwar, agreed with the view of the Ld. Judicial Member that the amount of Rs. 13.31 crores received by the assessee from MHADA cannot be assessed as its income for the assessment year 2004-05.Therefore, based on the majority view, both the appeal of the assessee and the appeal of the department were dismissed. The order was pronounced in the Open Court in the presence of representatives of both parties on 13.01.2012.
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