2014 (5) TMI 514

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....(Appeals). The assessment years in question were 2004-2005 and 2005-2006. The Assessee is a developer and builder by profession. 2. The Assessee claimed deduction under Section 80IB(10) urging that all prerequisites and conditions particularly in terms of clause (c) below Explanation to sub-section 10 of Section 80IB of the Income Tax Act,1961 have been fulfilled by him. The Assessing Officer, therefore, would not have disallowed the deduction on the spacious footing that four flats in Wing A were not of the required built up area namely residential unit of maximum built up area of 1000 square feet. The explanation given by the Assessee was that in this case the deduction was claimed by pointing out that it had commenced development and ....

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.... object to the course adopted by the Assessing Officer but found that he was not justified in denying the deduction, that was after examination of the entire record. The record indicated that it is not the statement of Mr. Hasmukh Bheda but the material in its totality which has to be considered. The total material comprises of not only the statement of Mr. Hasmukh Bheda but the individual flat purchasers. The Tribunal found that the approach of the Commissioner of Income Tax (Appeals) was justified. The Commissioner has noted that the plans were approved on 16.12.2003, since the deviations were noted in the case of "A" Wing, a copy of occupation certificate alongwith the plan was produced which is dated 6.1.2005. The agreements and supplem....