Developer entitled to deduction for housing project under SRA Scheme despite conveying land early.

The Tribunal confirmed the assessee's entitlement to deduction u/s. 80IB(10) for a housing project under the SRA Scheme, aligning with a previous decision due to identical facts. The Tribunal emphasized the developer's eligibility for the deduction despite conveying land to SRA before developing tenements. The market value of TDRs allotted to the assessee was considered as sale consideration for tenements' development, impacting the relief u/s. 80IB(10). The Revenue's appeal was dismissed as no new facts were presented, upholding the assessee's entitlement to the deduction.

---

---

Issues involved: Challenge to the correctness of the order of Ld. CIT(A)-29, Mumbai u/s. 80IB(10) for assessment year 2008-09.

Issue 1: Deduction u/s. 80IB(10)
- The Revenue challenged the Ld. CIT(A)'s direction to allow deduction u/s. 80IB(10) amounting to Rs. 4,85,36,946.
- The assessee constructed a housing project under the SRA Scheme and claimed deduction u/s. 80IB(10) for the TDRs received.
- The AO disallowed the deduction, similar to the disallowance in the previous assessment year.
- Ld. CIT(A) allowed the deduction based on the precedent set in the earlier year's case.
- The Revenue contested this decision, citing the AO's findings and previous Tribunal confirmation of Ld. CIT(A)'s decision in a similar case.

Issue 2: Tribunal's Decision
- The Tribunal found the facts for the current year to be identical to the previous year.
- Referring to a previous Tribunal decision, it confirmed the assessee's entitlement to relief u/s. 80IB(10).
- The Tribunal held that the assessee, as a developer, is entitled to the deduction despite conveying land to SRA before developing tenements.
- The market value of TDRs allotted to the assessee was considered as sale consideration for the tenements' development, impacting relief u/s. 80IB(10).
- As no new facts were presented by the Revenue, the Tribunal dismissed the appeal, aligning with the previous decision.
- Consequently, the appeal filed by the Revenue was dismissed.

This judgment addressed the challenge to the deduction u/s. 80IB(10) for a housing project under the SRA Scheme, emphasizing the consistency of facts with a previous year's case and the Tribunal's confirmation of the assessee's entitlement to the deduction based on specific considerations related to the project's development and sale of TDRs.

---