2012 (12) TMI 1014

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....)     Whether in the facts and circumstances of the case the Income Tax Appellate Tribunal has erred in law in holding that the assessee is entitled to get deduction of Rs. 33,99,602/- under section 80IB(10) of the Income Tax Act, 1961 though the assessee did not own the land and the name of the assessee does not appear in the permission for development granted by local authority? (iii)     Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal has erred in law in deleting the disallowance of expenses of Rs. 33,99,602/- by enlarging/relaxing the section 80IB(10) of the Income Tax Act, 1961 by laying down the concept of "Investment Risk" and "Dominant Control"?" ....

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....ing in technical knowledge and skill required for execution of such project. The assessee had to pay the fees to the Architects and Engineers. Additionally, assessee was also authorized to appoint any other Architect or Engineer, legal adviser and other professionals. He would appoint Sub-contractor or labour contractor for execution of the work. The assessee was authorized to admit the persons willing to join the scheme. The assessee was authorised to receive the contributions and other deposits and also raise demands from the members for dues and execute such demands through legal procedure. In case, for some reason, the member already admitted is deleted, the assessee would have the full right to include new member in place of outgoing m....