TaxTMI 
TaxTMI 
2015 (2) TMI 364
X X X X Extracts X X X X
X X X X Extracts X X X X
....ome Tax Appeal No. 3 of 2013. The common question of law that has been proposed in Income Tax Appeals Nos. 3 of 2013, 62 of 2013, 1627 of 2012 and 1628 of 2012 is as under : "Whether, on the facts and in the circumstances of the case, the hon'ble Tribunal was right in law in holding that the assessee is eligible for deduction under section 80-IB(10) for the assessment year 2006-07 relying on the decision of the hon'ble Bombay High Court in the case of CIT v. Vandana Properties in ITA No. 3633 of 2009 and 4361 of 2010 dated March 28, 2012, since reported in [2013] 353 ITR 36 (Bom) and the special leave petition has been filed before the hon'ble Supreme Court whic....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n the project, which the Assessing Officer found, was not satisfying the upper limit of 1,500 sq. ft. as the Assessing Officer found that one unit was with one kitchen, one entrance, one electric meter and single family ownership though it was the contention of the assessee's representative that two units have been merged together to form a single unit at the request of purchasers. 4. The Commissioner of Income-tax (Appeals) found that the appellant had not fulfilled the condition of clause (b) of section 80-IB(10) and was not entitled for deduction under section 80-IB(10). According to the Commissioner of Income-tax (Appeals), the project is on the plot of land which has a minimum area of one acre. The assessee then preferred the appe....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ay placed reliance on the judgment of this court in the case of CIT v. Vandana Properties in Income Tax Appeal Nos. 3633 of 2009 and 4621 of 2010 since reported in [2013] 353 ITR 36 (Bom) and stated that the Tribunal's order was incorrect. In fact a special leave petition had been filed and is pending before the hon'ble Supreme Court. Mr. Chhotaray, therefore, submitted that the question be framed as aforesaid and the impugned order dated May 4, 2012, passed by the Tribunal be set aside. Mr. Gandhi, learned counsel for the respondent, submitted that he supported the order of the Tribunal stressing on the fact that in the case of assessment years 2003-04 and 2004-05 the Revenue had not raised any objection for deduction claimed under....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... and five hun dred square feet at any other place.'" As can be seen from the aforesaid provision, now the only changes that were brought about were that with effect from 1st April, 2002, (i) the hous ing project had to be approved before March 31, 2005, and (ii) there was no time limit prescribed for completion of the said project. Though these changes were brought about by the Finance Act, 2003, the Legislature thought it fit that these changes be deemed to have been brought into effect from April 1, 2002. All the remaining provisions of section 80-IB(10) remained unchanged. 7. Thereafter, by the Finance (No. 2) Act, 2004, with effect from April 1, 2005, section 80-IB(10) was substituted and substantial changes were effected in the n....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he housing project shall be taken to be the date on which the completion certificate in respect of such housing project is issued by the local authority ; (b) the project is on the size of a plot of land which has a mini mum area of one acre : Provided that nothing contained in clause (a) or clause (b) shall apply to a housing project carried out in accordance with a scheme framed by the Central Government or a State Government for reconstruction or redevelopment of existing buildings in areas declared to be slum areas under any law for the time being in force and such scheme is notified by the Board in this behalf ; (c) the residential unit has a maximum built-up area of one thou sand square feet where such residential unit is situated ....