2016 (10) TMI 1031

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....By these appeals, the appellant - Revenue challenges the concurrent orders of the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal holding that the respondent assessee was eligible for deduction under Section 80IB (10) of the Income Tax Act, 1961. The respondent assessee is dealing in real estate and develops housing projects. For the assessment year 200910, the assessee had computed the net profit at Rs. 37,79,941/and had claimed deduction under Section 80IB (10) of the Act. Similarly, for the assessment year 201011, the net profit computed by the assessee was Rs. 1,60,61,384/and deduction under Section 80IB(10) of the Act was claimed at Rs. 1,55,03,286/. An enquiry was conducted in the claim of the assessee fo....

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....Revenue in these appeals. On hearing the learned Counsel for the parties and on a perusal of the orders of the Income Tax Appellate Tribunal and the Commissioner of Income Tax (Appeals), it appears that a clear finding of fact is recorded by both the Authorities that the Gram Panchayat - Local Authority had granted the sanction for construction and development of more than one acre of plot and separate permissions were not granted by the Gram Panchayat for construction and development in favour of the Vendors owners, from whom the assessee had purchased the plots, before securing the permission from the Local Authority, as required, for claiming deduction under Section 80IB (10) of the Act. Both the Authorities have recorded a finding th....