Tribunal grants deduction under section 80IB(10) for housing project completion.

The Tribunal overturned the CIT(A)'s decision and allowed the assessee's deduction claim under section 80IB(10) of the Income Tax Act for the assessment year 2009-2010. The Tribunal determined that the assessee qualified as a developer, not a contractor, and had completed the housing project within the specified deadline. It found that the Assessing Officer's objections were unfounded, as they were based on sale deed prices rather than actual development progress. Consequently, the Tribunal directed the deduction to be granted based on previous approvals and completion certificates.

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Issues involved: Appeal against order of CIT(A) u/s 143(3) for AY 2009-2010, claiming deduction u/s 80IB(10) of the I.T. Act.

Ground 1: Assessee claimed order by CIT(A) & Assessing Officer contrary to material in record and provisions of the Act, unjust, bad in law, and without jurisdiction.

Ground 2: CIT(A) held assessee not a developer and builder but a contractor.

Ground 3: CIT(A) disallowed deduction claim u/s 80IB(10) of Rs. 88,17,665/-.

Ground 4: CIT(A) did not quash proceedings u/s 271(1)(c) of the I.T. Act.

The assessee was engaged in a housing project and claimed deduction u/s 80IB(10) for the year. The Assessing Officer denied the claim, stating the assessee was a contractor, not a developer. CIT(A) upheld this decision, citing incomplete construction by the due date. The Tribunal reviewed arguments, documents, and agreements. It found the assessee to be a developer, with the project completed before the deadline. The Assessing Officer's objections were based on sale deed prices, not actual development activities. The Tribunal noted the agreements were for buyers to obtain loans, not indicative of incomplete construction. The Tribunal ruled in favor of the assessee, directing the deduction u/s 80IB(10) to be allowed, as per previous approvals and completion certificates.

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