TaxTMI 
TaxTMI 
2018 (10) TMI 1881
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.... the interest of revenue and accordingly the assumption of jurisdiction by the Pr. CIT u/s 263 of the I.T Act 1961 was not valid and justified. 2. The learned Pr. CIT erred in setting aside u/s 263 of the I.T Act 1961, the assessment framed u/s 143(3) on 17.11.2009, on grounds which were totally different from those raised in the show cause notice dt. 31.01.2012, thereby denying the appellant opportunity of being heard, resulting in the order passed u/s 263 being not sustainable by law. 3. The learned Pr. CIT erred in holding that appellant was not entitled for deduction u/s 80IB(10) of Rs. 1,28,65,649/-, in respect of the profits arising from the housing project developed at village Bolinj, Taluka Vasai, Dist. Thane for t....
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....Development Agreement dated 04.06.2003 with M/s. Unitech Limited, whereby it had acquired Development Rights for a housing scheme at Phase IV of land bearing S.No. 316B. Bolinj, Thane District. The approval for the Housing Scheme admeasuring 78.228 sq. mtrs. was sanctioned in favour of M/s. Unitech Limited for the entire land by CIDCO, The Planning Authority on 19.09.1990. The owner of the undertaking, i.e., M/s. Unitech Limited had consumed approved F.S.I, of 33,440.65 sq. mtrs. for its own construction and had assigned Development Rights in respect of the balance area of the land to various developers/builders, the assesses being one of them. The subsequent amalgamation and amended plan approvals and the Occupancy Certificate were also gr....
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....pment Agreement dated (14.06.2003, only Development Rights came to be assigned to the assessee by the owner of the undertaking M/s. Unitech Limited. The entire correspondence with the Planning Authority is with M/s. Unitech Limited, establishing beyond any shred of doubt that the owner of the undertaking is M/s. Unitech Limited, and by virtue of such fact is solely entitled for the deduction u/s. 80IB of the Act. It is also seen from the Audit Report in Form No.10CCB that against Column No.4(a) seeking details of ownership of the project undertaking, the assessee has claimed the project to be fully owned by it, whereas the actual fact is that it has no ownership rights in the project. 5. It was argued by learned AR that order u/s.263 can....
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.... not applicable in the present case, as the relevant assessment year in the case of the assessee is A.Y.2007-08. 6. On the other hand, CIT DR contended that no enquiry has been made by the AO with regard to assessee's eligibility for deduction u/s.80IB, therefore, CIT has correctly invoked his power u/s.263 setting aside the matter to file of the AO for deciding afresh by making detailed enquiry. 7. We have considered rival contentions and carefully gone through the orders of the authorities below. We had also deliberated on the judicial pronouncements referred by lower authorities in their respective orders as well as cited by learned AR and DR during the course of hearing before us in the context of factual matrix of the case. From ....
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....in the year 1998 whether the said project had been completed within the stipulated four years period. From the facts gathered it was observed that the construction of the project was not completed within four years from the end of the financial year in which the housing project was first approved. In view of the said facts, it was observed that the assessee was not eligible to claim deductor u/s 80IB(10). The deduction u/s 80IB(10) is to be allowed if the assessee fulfills at the conditions as laid down in the provisions of the income Tax Act. In the said case the assessee had failed to fulfill the conditions required to claim deduction u/s 80IB{10). However, the Assessing Officer had not examined the said issue and allowed the claim of the....
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....our of the assessee, making it abundantly clear that M/s. Unitech Limited is the sole dramatis personae in the entire episode, and the assessee had no role or opportunity of ever, interacting with the Planning Authority. 9. So far as assessee's contention with regard to eligibility u/s.80IB(10) to developer without owning the land is concerned, we are in agreement to the ld. AR to the effect that even if assessee is not a owner of the land but has got the project approved and had undertaken all the activities in terms of Section 80IB (10), then it will be eligible for deduction not withstanding the fact that the plot has not owned by him. However, in the instant case, neither the project was approved by the assessee nor any enquiry has b....