TaxTMI 
TaxTMI 
2015 (9) TMI 68
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.... order, for the sake of convenience. 3. Since common grounds have been raised by the appellant in both these appeals, therefore, for the sake of convenience, the grounds raised in ITA No.2598/Ahd/2011 for A.Y. 2007-08 are reproduced as under :- ITA No.2598/Ahd/2011 for A.Y. 2007-08 1) The Ld. Commissioner of Income-tax (Appeals)-XV, Ahmedabad has erred in law and on facts in directing the Assessing Officer to allow the assessee's claim for deduction of Rs. 79,69,534 u/s. 80IB(10) of the Act. 2) The Ld. Commissioner of Income-tax (Appeals)-XV, Ahmedabad has erred in holding that the assessee fulfils the conditions laid down for claiming deduction u/s 80IB(10) even when the land was in the names of two Co-operative Societies i.e., 1) Sh....
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....r, when the matter was carried in appeal before the ld. CIT(A), she reversed the action of the Assessing Officer and allowed deduction under section 80IB(10) of the Act by observing, inter alia, as follows :- "16. After going through rival submissions on BU permission point I am of the view that Gram Panchayat Bopal letter dated 29.4.2010 can be taken as a certificate of completion of the project within the specified time frame allowed u/s. 80IB(10). As per the provisions of section 80IB(10)(1)(a)(ii) the housing project approved by the local authority on or after 1.4.2004 should be completed within 4 years from the end of the financial year in which the housing project is approved by the local authority. As per Nagar Niyojak letter dated ....
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....(2012) 341 ITR 403 (Guj)], Hon'ble jurisdictional High Court had an occasion to consider the issue of ownership of land, on which housing project is developed, in the context of eligibility of deduction under section 80IB(10). Hon'ble jurisdictional High Court has, in this context, inter alia observed as follows: 32. Sec. 80-IB(10) of the Act thus provides for deductions to an undertaking engaged in the business of developing and constructing housing projects under certain circumstances noted above. It does not provide that the land must be owned by the assessee seeking such deductions. 33. It is well settled that while interpreting the statute, particularly, the taxing statute, nothing can be read into the provisions which has not be....
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....urship risk qua the project and is, accordingly, eligible for deduction under section 80IB(10) in respect of the same. The assumption of such an entrepreneurship risk is not dependent on ownership of the land. The business model of "developing and building housing projects" by buying, on outright basis, and constructing residential units thereon could probably be the simplest business models in this line of activity, but merely because there is an improvisation in the business model or because the assessee has adopted some other business models for the purpose of developing and building housing project does not vitiate fundamental character of the business activity as long as the risks and rewards of developing the housing project, in subst....
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....on by taking into account Hon'ble Bombay High Court's specific directions in the case before the Tribunal, the Tribunal's final order had, inter alia, concluded as follows: ..........while giving effect to the opinion of Third Member u/s.255(4) of the Act, we take view in conformity with order of jurisdictional High Court in case of ABG Heavy Industries Ltd. (supra) available at this time though contrary to the opinion expressed by the Third Member. So in view of above discussion, following the ratio of jurisdictional High Court in case of ABG Heavy Industries Ltd. (supra), the Assessing Officer is directed to allow deduction u/s.80IA(4) of the Act to the assessee with regard to the projects in question for both the years. 9. It is not....