2015 (10) TMI 1599

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....allowance amounting to Rs. 81,88,289/- made by the Assessing Officer u/s.80IB(10) of the Act. 2). The ld.Commissioner of Income-tax(A)-XV, Ahmedabad has erred in holding that the assessee fulfills the conditions laid down for claiming deduction u/s.80IB(10) even when the land was in the name of Suryalok Sabarmati Co-op.Housing Society Ltd., which is a separate legal entity in the eyes of law and the assessee entered into the project by a development agreement with the Society. The entire responsibility to execute the housing project and abide by the terms and conditions of its approval right from the inception of the project till its completion rests with the Society. Assessee was just a contractor of the land owners constructing 32 resid....

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.... 17/05/2013 was pleased to restore this issue to the file of ld.CIT(A) for decision afresh. 3.1. On the contrary, ld.counsel for the assessee supported the order of the ld.CIT(A) and submitted that the ld.CIT(A) has given an elaborate finding. He submitted that the AO has not given any finding as to what were the conditions which were not fulfilled. However, the ld.CIT(A) categorically given a finding that the assessee had incurred land cost and borne the entire risk of developing the project. The ld.counsel for the assessee submitted that the finding of the AO is contrary to the records. 4. We have heard the rival submissions, perused the material available on record and gone through the orders of the authorities below. We find that the ....

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....g of the AO by observing as under:- "5. It is seen that the AO has not disputed that the appellant did not fulfill any of the conditions specified in section 80IB(10) from clause (a) to (d) with respect to the approvals from the local authority, completion of project within the specified time limits, one acre of land condition, 1500 sq.ft. built up area condition of each unit I the project and that of percentage of construction for commercial use. His objection is that the appellant is not the owner of the land. This objection of the AO has to be seen in the light of the tests laid down by Hon'ble ITAT Bench A Ahmedabad decision in the case of M/s.Shakti Corporation, Baroda in ITA No.1503/Ahd/2008 in AY 2005-06 wherein Hon'ble ITAT has hel....