2021 (11) TMI 640

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....rince Foundation Private Limited (for short 'the company') to develop residential flats on the land belonging to her. According to the agreement entered in between the assessee and the company, the assessee was entitled to 20% of the super built area after completion of the project in lieu of the land offered by the assessee and her active participation in obtaining clearances, building approach road, making the land conducive for the construction, supervision and promotion of the project. After construction of the flats on the land, the assessee along with one Shri Jethmal Jain were allocated 84 flats. Thereafter, the assessee and Shri Jethmal Jain had executed conveyance deed in favour of the respective purchasers. After completion of the....

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....he revenue has proposed the following substantial question of law in the matter :- "Whether on the facts and in the circumstances of the case, the learned ITAT was justified in allowing relief of Rs. 7,95,00,000/- by holding liberal interpretation of the provisions of section 80IB of the IT Act, 1961?" Heard learned counsel for the appellant and gone through the material available on record. The ITAT in its order dated 13.8.2018 has held as under :- "47. It is clear from the above findings and observation that the Id. AO and CIT(A) without examining all the documents, affirmations, in the true prospective as well as not coming to terms with the changing and evolving ground realities kept on harping that the assessee ....

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....e appellant. Like in the case of M/s Shravanee Construction the appellant also actively participated in the development work and eligible for deduction u/s 80IB of the IT Act. The case of the assessee is also covered by the ratio of decision pronounced in the case of Mr. Abdul Khader, Bangalore vs ACIT on 13 April, 2012 ITA No.57/Bang/2011 in which it was held that it was also clear from the joint development agreement that the undertaking of developing and building housing project was jointly undertaken by the assessee and M/s Reddy Structures Pvt. Ltd., therefore, the assessee was entitled for the benefit of deduction u/s 80IB(10) of the Act. From the record we found that the assessee had purchased land at Sriperumudur along with Sh. Jeth....