TaxTMI 
TaxTMI 
2017 (2) TMI 1116
X X X X Extracts X X X X
X X X X Extracts X X X X
....e orders passed under section 143(3) and 143(3) r.w.s. 147 of the Income Tax Act, 1961 (in short 'the Act'). The assessee has also filed Cross Objections against the appeals of Revenue. 2. Both the appeals filed by the Revenue and the Cross Objections filed by the assessee were heard together and are being disposed of by this consolidated order for the sake of convenience. 3. First, we shall take up the appeals filed by the Revenue. However, in order to adjudicate the issue, we make reference to the facts in ITA No.2035/PUN/2014. 4. The Revenue in ITA No.2035/PUN/2014 has raised the following grounds of appeal:- 1. Whether on the facts and in the circumstances of the case and in law, the CIT(A) was justified in not rejecting the assesse....
X X X X Extracts X X X X
X X X X Extracts X X X X
....up area of all the units in the housing project was less than 1500 sq. ft. and accordingly, the assessee was entitled to claim deduction u/s. 80IB(10) in respect of the entire profits of the said project. 6. Briefly, in the facts of the case, the assessee was engaged in the business of construction, land development, etc. and also constructing residential housing projects. During the year under consideration, the assessee had claimed deduction under section 80IB(10) of the Act on the profits derived from the housing project 'Akshay Park'at Rs. 44,92,866/-. The assessee was asked to furnish the details as to fulfillment of conditions laid down in section 80IB(10) of the Act for eligibility of the said claim. The Assessing Officer noted tha....
X X X X Extracts X X X X
X X X X Extracts X X X X
....the permissible limits and project itself was not eligible for deduction under section 80IB(10) of the Act. However, prorata deduction for balance flats excluding two units i.e. R.H./D6 and R.H-3 was allowed to the assessee. 8. The Revenue is in appeal against the order of CIT(A) in allowing prorata deduction under section 80IB(10) of the Act, where the built up area of two dwelling units exceeded the limits prescribed. 9. The assessee has filed Cross Objections in not allowing deduction on the Row houses D6 and 3 holding that the built up area was more than 1500 sq.ft. including projections. 10. The Cross Objections filed by the assessee are filed after delay of 37 days. The learned Authorized Representative for the assessee has filed a....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... (No.2) Act, 2004 w.e.f. 01.04.2005, projections, balconies and open terrace could not be considered as part of built up area of residential units. Admittedly, the project of assessee was sanctioned prior to 01.04.2005 and the learned Authorized Representative for the assessee has stated during the course of hearing that the project was completed within stipulated period i.e. by 31.03.2008, hence, the assessee was entitled to claim the deduction under section 80IB(10) of the Act. 13. The Tribunal while dismissing the appeal of Revenue in assessment year 2009-10 had in turn, relied on the ratio laid down by the Hon'ble Madras High Court in CIT Vs. Arun Excello Foundations (P.) Ltd. reported in 86 DTR (Mad) 99 and the Pune Bench of Tribunal ....