IT : Area of one acre as prescribed in clause (b) of section 80-IB means area of one acre available for housing project inclusive of amenities as per norms of concerned municipal corporation or local body
IT : Any builder can get plan revised from authority but date of approval would be deemed to be date of initial approval
IT : Where assessee could not start work on building to be built in a housing project as additional FSI in lieu of widening of roads in project area was not received from local authority, assessee could be allowed proportionate deduction under section 80-IB in respect of part of project completed during year
■■■
[2014] 50 taxmann.com 111 (Pune - Trib.)
IN THE ITAT PUNE BENCH 'A'
Income-tax Officer
v.
Satyanarayan Ramswaroop Agarwal*
SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER
AND R.K. PANDA, ACCOUNTANT MEMBER
IT APPEAL NO. 330 (PN.) OF 2013
[ASSESSMENT YEAR 2009-10]
APRIL 28, 2014
Section 80-IB of the Income-tax Act, 1961 - Deduction - Profits and gains from industrial undertakings other than infrastructure development undertaking (Housing project) - Assessment year 2009-10 - Whether under section 80-IB(10) plot area of one acre means plot area of one acre available for housing project inclusive of amenities required to be provided as per norms of concerned municipal corporation or local body - Held, yes [Para 4][In favour of assessee]
Section 80-IB of the Income-tax Act, 1961 - Deduction - Profits and gains from industrial undertakings other than infrastructure development undertaking (Housing project) - Assessment year 2009-10 - Whether any builder is entitled to get plans revised from local authority depending on financial capacity, convenience and as per business need; only rider in section 80-IB(10) is that no matter how many revised plans were sanctioned by local authority, date of approval (vis-à-vis date of completion) would be deemed to be date of initial approval - Held, yes [Para 6][In favour of assessee]
Section 80-IB of the Income-tax Act, 1961 - Deduction - Profits and gains from industrial undertakings other than infrastructure development undertaking (Housing project) - Assessment year 2009-10 - Whether where assessee undertook housing project but could not start work on building part since additional FSI in lieu of widening of road of project was not received from Municipal Corporation and, consequently, architects could not design structure of building, proportionate deduction under section 80-IB(10) could be allowed in respect of part of project completed during year - Held, yes [Para 8.2][In favour of assessee]
IT : Any builder can get plan revised from authority but date of approval would be deemed to be date of initial approval
IT : Where assessee could not start work on building to be built in a housing project as additional FSI in lieu of widening of roads in project area was not received from local authority, assessee could be allowed proportionate deduction under section 80-IB in respect of part of project completed during year
■■■
[2014] 50 taxmann.com 111 (Pune - Trib.)
IN THE ITAT PUNE BENCH 'A'
Income-tax Officer
v.
Satyanarayan Ramswaroop Agarwal*
SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER
AND R.K. PANDA, ACCOUNTANT MEMBER
IT APPEAL NO. 330 (PN.) OF 2013
[ASSESSMENT YEAR 2009-10]
APRIL 28, 2014
Section 80-IB of the Income-tax Act, 1961 - Deduction - Profits and gains from industrial undertakings other than infrastructure development undertaking (Housing project) - Assessment year 2009-10 - Whether under section 80-IB(10) plot area of one acre means plot area of one acre available for housing project inclusive of amenities required to be provided as per norms of concerned municipal corporation or local body - Held, yes [Para 4][In favour of assessee]
Section 80-IB of the Income-tax Act, 1961 - Deduction - Profits and gains from industrial undertakings other than infrastructure development undertaking (Housing project) - Assessment year 2009-10 - Whether any builder is entitled to get plans revised from local authority depending on financial capacity, convenience and as per business need; only rider in section 80-IB(10) is that no matter how many revised plans were sanctioned by local authority, date of approval (vis-à-vis date of completion) would be deemed to be date of initial approval - Held, yes [Para 6][In favour of assessee]
Section 80-IB of the Income-tax Act, 1961 - Deduction - Profits and gains from industrial undertakings other than infrastructure development undertaking (Housing project) - Assessment year 2009-10 - Whether where assessee undertook housing project but could not start work on building part since additional FSI in lieu of widening of road of project was not received from Municipal Corporation and, consequently, architects could not design structure of building, proportionate deduction under section 80-IB(10) could be allowed in respect of part of project completed during year - Held, yes [Para 8.2][In favour of assessee]
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