2015 (8) TMI 1017

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.... on profit derived from sale of unutilized FSI not being the element of profits derived from the business activity of development and construction of the housing project." 1.1 As per the assessment order passed under Section 143(3) dated 23.11.2011 the assessee has claimed a deduction under Section 80IB(10) of Rs. 32,81,410/-. When the disallowance of deduction was challenged before CIT(A), it was held that the issue is covered by a decision of ITAT 'D' Bench, Ahmedabad dated 06.08.2010 in a group of cases, wherein the assessee's name has appeared in the nomenclature as follows: "Income Tax Officer, Ward-2(1), Aayakar Bhawan, Race Course Circle Baroda Vs. M/s. Desai Developers, narhari Avenue, Sandesara Estate, Samiyala, Dist. Baroda ....

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....the IT Act. 1.4 From the side of the Revenue, Mr. D.P. Gupta, learned D.R. has placed reliance upon an order of ITAT 'A' Bench, Ahmedabad pronounced in the case of M/s. Shikhar Developers in ITA No.854/Ahd/2010 for A.Y:2007-08 dated 31.5.2012, wherein certain guidelines have been issued to the Revenue Department to ascertain the correctness of the claim of deduction under Section 80IB(10). Sri Gupta has pleaded that in respect of this assessee as well on the same guidelines directions can be issued by following the decision of M/s. Shikar Developers (supra). 2. Having heard the submission of both the sides, we have noted that in respect of ground no.1, the learned CIT(A) has followed the decisions of the tribunal pronounced in assesse....

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.... 1961 on account of disallowance of payment to contractors amounting to Rs. 22,44,480 on the ground that the amendment to section brought in Statute Book with effect from 01.04.2010 should be retrospectively applied to A.Y. 2009-10 also. 2(b). The ld. CIT(A) erred in not considering the fact that in view of the provision of section 40(a)(ia) as amended by Finance Act, 2008 w.e.f. 01.04.2005, the tax deducted on the payment made or credited on or before February has to be paid to the government account on or before the last day of the financial year in which the payment was made/credited and that the relevant portion of the Memorandum Explaining the Provisions in Finance Bill, 2010 clearly states that the amendment by the Finance Act, 201....