(Per : HONOURABLE MR.JUSTICE AKIL KURESHI) Revenue is in appeal against judgement of the Tribunal dated 22.1.2010 raising following questions for our consideration :
"Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in allowing deduction u/s.80IB(10) r.w.s. 80IB(1) to the assessee when the approval by the local authority as well as completion certificate was not granted to the assessee but to the landowner and the rights and the obligations under the said approval were not transferable and when the transfer of dwelling units in favour of the end-uiers was made by the landowner and not by the assessee?"
Counsel for the Revenue fairly stated that issue involved in the present case is similar to one decided by this Court in Tax Appeal No.546/2008 and connected appeals by decision dated 13.12.2011.
He pointed out that the present case involves facts similar to one arising in group of cases led by M/s. Shakti Corporation. In the present case, the Tribunal has by impugned judgement remanded the matter before the Assessing Officer for correct appreciation of facts. Tribunal in fact relied on its own judgement in case of M/s. Shakti Corporation dated 7.11.2008. Issue pertains to deduction claimed by the assessee under Section 80IB(10) of the Income Tax Act, 1961 claiming to be income derived from the business of developing and building housing projects. Judgement of the Tribunal in case of M/s. Shakti Corporation also came up for consideration before this Hon'ble Court in above-noted decision. Court had upheld the view of the Tribunal and rejected Revenue's appeals. Facts being similar, we see no reason to interfere.
Tax Appeal is therefore, dismissed.
(Akil Kureshi,J.) (Ms.
Sonia Gokani,J.) (raghu) Top