TaxTMI 
TaxTMI 
2013 (11) TMI 61
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...., Ahmedabad has erred in law and on facts in allowing the deduction u/s. 80 IB (10) of the Act amounting to Rs.4,62,69,270/- which was disallowed by the Assessing Officer. 2). The ld. Commissioner of Income-tax (A)- XV, Ahmedabad has erred in holding that the assessee fulfills the conditions laid down for claiming deduction u/s. 80IB (10) even when the land was in the name of Society and the assessee had merely executed a work of contactor." 3. The assessee in its cross objection has raised the following sole effective ground:- 1. The Learned Commissioner of Income Tax (Appeals - XV, Ahmedabad after going through the details and submissions of the respondent found that the Respondent has fulfilled the conditions laid down for claiming de....
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....ety Ltd. and Sampna Ambli Co- operative Housing Society Ltd. on 27-04-2005 and 04-01-2006. The assessee entered into development agreements with Satellite Ambli Co-operative Housing Society Ltd. and Sampna Ambli Co-operative Housing Society Ltd. on 17-02-2005. As per the terms of agreement the assessee was given possession of the land for construction of housing unit as per the plan. The assessee was allowed to enroll perspective buyers as members on behalf of the society. The assessee was also allowed to collect the consideration for land as well as super structures from the buyers on behalf of the society and to retain the consideration received for consideration and charge the land cost to the society. It was held by the AO that the soci....
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....see was merely a contractor/agent of the society. 4. As per the Amendment to section 80 IB by the Finance Act 2009 a works contactor who executes the work awarded by any person is not eligible for the deduction u/s 80IB. Any person includes the Satellite Ambli Co-operative Housing Society Ltd. and Sapna Ambli Co-operative Housing Society Ltd., which are separate legal entities." As the assessee did not fulfill the conditions laid down under section 80 IB (10) of the Act, the AO disallowed the claim of deduction u/s 80 IB (10) of the Act. Being aggrieved by the order of the AO, the assessee carried the matter before the CIT(A) who has allowed the claim of the assessee after considering the terms and conditions of the agreement between the ....
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....or labourers, materials, erection and installation of the construction of infrastructure, common amenities and services. Approval or sanction to lay out plan, construction plan and revised plan etc. were also taken by the assessee from Ahmedabad Urban Development Agency. Thus, the assessee is fully entitled for deduction u/s 80 IB (10) of the Act. He further relied upon the decision of the Hon'ble Supreme Court rendered in the case of ACIT (OSD) Ward 5 (2), Ahmedabad Vs Someshwar Developers in CC No.13871/2012 in Tax Appeal No.1300 of 2008 wherein identical issue had been decided in favour of the assessee. 6. We have heard the rival contentions, perused the orders of the authorities below and carefully considered the paper book furnished b....