2009 (9) TMI 966

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....GRAWAL, ACCOUNTANT MEMBER :- This is an appeal filed by the Revenue against the order of the Learned CIT(Appeals)-V, Baroda dated 09/08/2005 passed for Assessment Year 2002-03. 2. The main issue involved in this Revenue's appeal is against allowing deduction u/s.80-IB (10) of the I.T. Act, 1961 by the Learned CIT(Appeals). 3. None appeared on behalf of respondent-assessee nor any adjournm....

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....l Agency Pvt. Ltd., vide order dated 7.8.2008, in Civil Appeal No.3302/2005, has laid down the definition of a developer, contractor and joint venture and to follow whatever decision the Tribunal takes in that case after considering the decision of the Supreme Court in this appeal. We find that the Tribunal in the case of Shakti Corporation (supra), vide its order dated 7.11.2008, has decided the ....

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....n will vest with the landowner only. The interest of the Developer will be restricted only for the fixed remuneration for which he would be rendering the services. The decision in the case of Radhe Developers (supra) has not dealt with such situation. The proposition of law laid down in the case of Radhe Developers cannot be applied universally without looking into the development agreement ent....

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....oth the parties set aside the order of the CIT(A) and restore all other appeals to the file of the AO with the direction that the AO shall look into the agreement entered into by each of the assessees with the landowner and decide whether the assessee has in fact purchased the land for a fixed consideration from the landowner and has developed the housing project at its own cost and risks involved....