2015 (3) TMI 452

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....ani Standing Counsel for Income Tax For the Respondent : Mr.C.V. Rajan COMMON JUDGMENT The Revenue is on appeals as against the order of the Income Tax Appellate Tribunal relating to assessment years 2003-04 and  2004-05.  Following is the question of law raised for consideration:-                &nbsp....

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.... in respect of each project. On the basis of constructed area sold, undivided share of land is apportioned to the allottee out of the area of land in respect of each project. Item No. 2 of Schedule B is in respect of common area of land available after earmarking land area in respect of each project. Thus, each project is independent in that, amenities like car park, vehicle park, staircases, elev....

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....ax (Appeals) rejected the Revenue's appeal. The Tribunal pointed out that the assessee started one single housing project with different blocks and each building block was not separated by metes from the other blocks and the flat owners of the different blocks enjoy the common recreational facilities and amenities. In the circumstances, the Tribunal agreed with the assessee. Aggrieved by the o....

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....already five buildings. As far as the order passed by us in T.C.Nos. 1014 of 2009, 857 of 2010 and 190 to 192 of 2012 and W.A.No. 471 of 2010 - VISWAS PROMOTERS PRIVATE LIMITED v. THE ASSISTANT COMMISSIONER OF INCOME TAX dated 2.11.2012, is concerned, as in the present case, several blocks were put up in a larger area which admittedly exceeded the required area specified in Clause (a) sub section ....