2015 (10) TMI 1863

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.... Per Chandra Poojari, Accountant Member This appeal by assessee is directed against the order of the Commissioner of Income Tax (Appeals)-II, Coimbatore, dated 18.02.2014 for the assessment year 2009-2010. 2. The only grievance of the assessee in this appeal is with regard to non grant of deduction u/s.80IB(10) of the Income Tax Act. 3. The brief facts of the case are that the assessee c....

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....n of flats with various owners though assessee is not a owner of the land. The ld. Authorised Representative for assessee further submitted that the assessee is entitled for deduction u/s.80IB(10) of the Act in view of the following decisions:- (i) CIT vs. Radhe Developers (2012) 341 ITR 403 (Guj). (ii) CIT vs. Sanghvi and Doshi Enterprise (2013) 214 Taxman 463 (Mad). (i....

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....e land, it has developed the housing project, providing the necessary infrastructure, providing housing loans for the buyers, it has involved from the commencement of the project to the completion of the project, and in view of the order of the co-ordinate bench in the case of Sanghvi & Doshi Enterprise vs. ITO (2011) 131 ITD 151 (Chen), the assessee is entitled for deduction u/s.80IB(10) of the A....

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....prospective buyer were not discussed. In our opinion, it is appropriate to go through the agreements entered with the prospective buyers alongwith financial statements to see the details of investment made by assessee and decide the issue in the light of the judgment of Madras High Court in the case of Sanghvi & Doshi Enterprise [2013] 29 taxmann.com 386 (Madras). Accordingly, we remit the entire ....