ITAT Pune upholds deduction under section 80IB(10) based on plot area meeting requirements

The Appellate Tribunal ITAT PUNE upheld the CIT(A)'s decision allowing a deduction u/s 80IB(10) for the assessee based on the plot area meeting the minimum requirement. The Tribunal referenced a previous case and a CBDT circular to support its decision. The Revenue's appeal was dismissed as they failed to provide contrary evidence and the Tribunal found the facts analogous to the previous case. Therefore, the deduction was upheld, and the Revenue's appeal was dismissed.

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Issues Involved: Appeal by Revenue against CIT(A) order on deduction u/s 80IB(10).

Summary:
The Appellate Tribunal ITAT PUNE heard an appeal filed by the Revenue challenging the CIT(A) order regarding the claim of deduction u/s 80IB(10). The CIT(A) had allowed the appeal in favor of the assessee based on a previous decision for A.Y. 2007-08. The Tribunal noted that the issue raised by the Revenue was similar to a previous case of M/s Bunty Builders, where deductions for various areas were considered. The Tribunal referred to a CBDT circular and held that the assessee was entitled to the deduction u/s 80IB(10) based on the area of the plot. The Tribunal upheld the CIT(A)'s decision to allow the deduction based on the plot area exceeding the minimum stipulated requirement.

The Revenue did not present any contrary evidence, and since the facts were similar to the previous case, the Tribunal declined to interfere with the CIT(A)'s decision. The deduction u/s 80IB(10) was upheld based on the plot area meeting the minimum requirement. Consequently, the appeal by the Revenue was dismissed.

The judgment was pronounced on August 28, 2012.

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