2018 (2) TMI 1855

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....nits where the area has not exceeded the limit as prescribed under Section 80IB(10)(c) of the Act. 3. At the outset the learned A.R. submitted before the Bench that the case of the assessee is covered in its favour by the decision of the Coordinate Bench in assessee's own case in ITA No. 3276/Mum/2010 for A.Y. 2007-08 vide order dated 28.09.2012 and in ITA Nos. 3316 & 3318/Mum/2012 for assessment years 2008-09 and 2009-10 vide order dated 12.09.2014 and therefore following the same decisions the appeal filed by the Revenue be dismissed. 4. The learned D.R. fairly agreed with the contention of the learned A.R. that the issue is covered in favour of the assessee by the above mentioned decisions of the Coordinate Bench. 5. We heard th....

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.... scope for bifurcating it's profits into that subject to deduction there-under and not so. The following words capture the decision, which follows a comprehensive discussion on the various aspects, and in harmony and agreement with it's understanding, of the matter: (refer para 31 at pgs. 302-303, also catch notes at pgs. 290-291) 'Section 80-IB(10) allows deduction to the entire project approved by the local authority and not to a part of the project. If the conditions set out in section 80-IB(10) are satisfied, then deduction is allowable on the entire project approved by the local authority and there is no question of allowing deduction to the part of the project.' [emphasis ours] That the same is rendered upon examinin....

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....uses of section 80-IB(10), setting forth the conditions precedent for the eligibility to deduction of the profits of the project. The said clause, on a fair construction, was found to contain a condition with reference to the residential unit comprising the housing project. The condition, by necessary implication, applies to all the residential units of the housing project. The converse, however, cannot be said to hold, so that only such housing project, all the residential units comprising which satisfy the condition of section 80-IB(10)(c), is an eligible project. The word 'project', clearly mentioned in each of the other clauses, is conspicuous by its absence in clause (c). That is, s. 80-IB(10)(c) represents a condition precedent qua th....