2012 (7) TMI 90

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....0 sq. ft. Before the completion of the project, section 80-IB (10) came to be introduced. In order to have the benefit of the said property, the assessee purchased an adjoining piece of land measuring about 1,440 sq. ft. and clubbed the same with his land where he was putting up the housing project. The total area of the land became 44,740 sq. ft. The land which is minimum required for being eligible for the benefit. under section 80-IB (10) is 1 acre of land, namely 43,480 sq. ft. Thereafter, he applied for a modified plan to meet the requirement of section 80-IB (10). It was granted in the year 2001. On 20.5.2003 occupancy certificate has been issued. He has built 63 units. Each of the units is less than 1,500 sq. ft. Thereafter, he sold ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cre and not in an area of 38 guntas as held by the authorities. If common areas and balcony is excluded, all the flats are within 1,500 sq. ft. Therefore, they found no justification to deny the benefit of Section 80-IB (10) to the assessee. Accordingly, they set aside the order passed by the assessing authority as well as the Appellate Commissioner and granted the benefit to the assessee. Aggrieved by the said order, the revenue is before this Court. 5. We have heard the learned counsel appearing for the parties. 6. The appeal was admitted to consider the following substantial question of law: - Whether the Tribunal was correct in holding that the assessee had complied with the conditions provided in section 80-IB (10) of the Act subseq....