2019 (4) TMI 1385

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.... to challenge the judgment of the Income Tribunal (in short "the Tribunal"). Following question is presented for our consideration:­ "Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in allowing the deduction u/s. 80IB to the assessee without appreciating the fact that the Hon'ble CBDT's Notification dated 05.01.2011 speaks of the SRA Schem....

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....owable since assessee was not engaged in development of housing project but was acting as contractor. Eventually, the issue reached the Tribunal. The Tribunal by the impugned judgment, ruled in favour of the assessee. The Tribunal relied upon its own judgment in case of one M/s. Sonasha Enterprises in which, under similar circumstances, the Tribunal had granted benefit of section 80IB (10) of the ....

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....rogramme. 4 We further notice that, Section 80IB(10) of the Act, grants deduction in a case of undertaking, developing and building housing projects in relation to the income arising out of such activity, subject to conditions laid down therein. Clause (a) of Section 80IB(10) of the Act prescribes the time frame for starting and completing the housing projects. Clause (b) lays down minimum area ....