TaxTMI 
TaxTMI 
2012 (8) TMI 232
X X X X Extracts X X X X
X X X X Extracts X X X X
....is engaged in the business of construction and development of housing project. The Assessing Officer declined assessee's claim of deduction u/s 80IB(10) on the plea that the assessee has sold plot of land to the customers and no residential unit was sold. As per the Assessing Officer only after transferring the plot, the assessee has constructed the building as a contractor. The Assessing Officer also observed that as per map of the project approved by the local authorities, the assessee was allowed to construct commercial project measuring 2630 Sq. ft. Since project allowed a commercial complex having built up area exceeding 2000 sq.ft. the project was not fulfilling the conditions laid down u/s 80IB(10). 4. By the impugned order, the ld.....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ahsil Huzur, District Bhopal, dated 31st October, 2009, the assessee as a colonizer have undertaken and completed work of drinking water, sewerage line, septic tank, park, cement road and other connected work in the colony. It has also been certified that the joint inspection of the spot alongwith the President of the Samiti was undertaken on 17.12.2001 according to which all the infrastructure facilities have duly been developed at the Scheme Vijay Villas. 7. Merely because the assessee had entered into agreement for sale of plot so as to enable the customer to have a loan facility from bank and other financial institutions will not go to prove that the assessee has not undertaken any construction. As per the agreement entered into by the....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... April, 2001. 8. The Assessing Officer has also observed that the assessee has approval for constructing commercial area measuring 2630 sq.ft. The Assessing Officer, therefore, held that since the commercial area allowed was exceeding 2000 sq.ft., the project was not fulfilling the conditions laid down u/s 80IB(10). In this regard, we found that before the CIT(A), the assessee had placed evidence to substantiate that actually no commercial unit was constructed. Following was the precise contention of the assessee before the ld. CIT(A), which found place in the paper book. "Initially when the project was approved on 18-10-05, plot No.1 to, 5 were approved as shop cum residential plot. The same were mortgaged to SDO as per rules. When the s....