2016 (7) TMI 527

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....ch 'A' (hereinafter referred to as 'the Tribunal'), the revenue has preferred the present Tax Appeals assailing the following orders: Tax Appeal No. Date of Tribunal's order ITA No. Assessment Year 547/2008 29.06.2007 2444/Ahd/2006 2003-04 757/2008 29.06.2007 2482/Ahd/2005 2001-02 579/2008 29.06.2007 2731/Ahd/2006 2003-04 578/2008 29.06.2007 672/Ahd/2007 2003-04 576/2008 29.06.2007 2801/Ahd/2006 2003-04 571/2008 29.06.2007 23/Ahd/2007 2003-04 562/2008 29.06.2007 22/Ahd/2007 2001-02 563/2008 29.06.2007 2876/Ahd/2006 2003-04 551/2008 29.06.2007 2527/Ahd/2006 2001-02 559/2008 29.06.2007 1298/Ahd/2005 2001-02 56....

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....e case, the Appellate Tribunal was right in law in allowing deduction u/s.80IB(10) r.w.s. 80IB(1) to the assessee when the approval by the local authority as well as completion certificate was not granted to the assessee but to the landowner and the rights and the obligations under the said approval were not transferable, and when the transfer of dwelling units in favour of the end-users was made by the landowner and not by the assessee? TAX APPEAL NO. 729 OF 2009 (A) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in allowing deduction u/s.80IB(10) r.w.s.80IB(1) to the assessee when the approval by the local authority as well as completion certificate was not granted to the assessee....

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....d and dissatisfied with the impugned orders passed by the Tribunal, the revenue has preferred the present Tax Appeals for consideration of the aforesaid substantial question of law. 3. Mr. K.M. Parikh, learned advocate appearing for the revenue submitted that the finding of the Tribunal that for deduction u/s 80IB(10) it is not necessary for the assessee himself to have the approval of the local authority centres around the interpretation of section 80IB(10) without appreciating that this is only a machinery provision and the substantive provision for the relevant deduction is Section 80IB(1) which must be read along with the former. He submitted that the undertaking of the assessee and it is the housing project of the assessee's underta....

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....ourt in the case of Mysore Minerals Ltd. vs. Commissioner of Income Tax (supra), and in the case of Commissioner of Income-Tax vs. Podar Cement Pvt. Ltd. and others (supra), the ownership has been understood differently in different context. For the limited purpose of deduction under Section 80IB(10) of the Act, the assessee had satisfied the condition of ownership also; even if it was necessary. 42. In the case of Shakti Corporation similarly the assessee had entered into a development agreement with the land owners on similar terms and conditions. It is true that there were certain minor differences, however, in so far as all material aspects are concerned, we see no significant or material difference. Here also assessee was given full....