2012 (8) TMI 1085

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....f commercial area in the housing project approved prior to 01/04/2005 cannot come in the way of assessee's claim for deduction u/s.80IB(10) of the Income Tax Act, 1961. 2. On the facts and in law, the Ld CIT(A) has erred in holding that the project 'Pride Park' of the assessee is eligible for deduction u/s.80IB(10) of the Income Tax Act, 1961, on 'stand alone' basis. 3. On the facts and in law, the Ld CIT(A) has erred in holding that as the assessee has not claimed the deduction on commercial component of the project, the deduction u/s. 80IB(10) of the Income Tax Act, 1961, is allowable to the assessee." 2. Brief facts of the case are that the assessee is engaged in the construction and development of housing project th....

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....ed, purchase bills of material, which were separately identified and the agreements for sale of premises in respect of both the projects. The said submissions have been incorporated by the CIT(A) from page 4 to 10 of the appellate order. The CIT(A) after considering the facts and submissions of the assessee allowed the claim of the assessee on various counts, firstly, that similar issue has been decided in favour of the assessee by the CIT(A) for the assessment year 2004-2005; secondly, on the fact, it was clear that the assessee has not included the commercial area of the project "Pride Park" for the purpose of any claim under Section 80IB(10), hence, there was no point of making disallowance of such claim by the Assessing Officer and that....