The ITO, Ward-2(3), Baroda V. M/s. Krishna Developers, Baroda

ITA 2542/AHD/2012

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 73095 (ITAT-AHMEDABAD)
• Duration Of Justice: 1 year(s) 3 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-02-2014
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: C
• Next Hearing Date: 28-02-2014
• Assessment Year: 2009-2010
• Appeal Filed On: 08-11-2012
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: DK MISHR A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD C BENCH BEFORE: SRI D.K TYAGI, JUDICIAL MEMBER AND SHRI ANIL CHATURVEDI, ACCOUNTAN T MEMBER THE INCOME-TAX OFFICER, WARD-2(3), 2 ND FLOOR, AAYAKAR BHAVAN, RACE COURSE CIRCLE, BARODA (APPELLANT) VS M/S KRISHNA DEVELOPERS, B/44, SAHYOG SOCIETY, REFINERY ROAD, BARODA- 390021 PAN-AAEFK0592P (RESPONDENT) REVENUE BY: SRI D.K. MISHRA, SR.D.R. ASSESSEE BY: SRI MUKUND BAKSHI , A.R . DATE OF HEARING : 28-02-2014 DATE OF PRONOUNCEMENT : 28-02-20 14 / ORDER PER : D.K. TYAGI, JUDICIAL MEMBER:- THIS IS THE REVENUES APPEAL AGAINST THE ORDER OF LD. CIT(A)-II BORODA DATED 24-08-2012. ITA NO. 2542/AHD/2012 ASSESSMENT YEAR 2009-10 I.T.A NO.2542/AHD/2012 A.Y. 2009-10 PAGE NO ITO VS. M/S. KRISHNA DEVELOPERS. 2 2. THE ONLY ISSUE INVOLVED IN THIS APPEAL IS CLAIM OF DEDUCTION U/S. 80IB(10) OF THE ACT OF RS. 26,95,583/- WHICH WAS DE NIED BY AO. 3. LD. CIT(A) WHILE DISPOSING OFF APPEAL OF THE ASS ESSEE HAS GIVEN FOLLOWING DIRECTION TO AO:- SINCE THE FACTS OF THE CASE ARE IDENTICAL IN THIS YEAR, DEDUCTION U/S. 80IB(10) IS DIRECTED TO BE ALLOWED ON ALL THE THREE ISSUES-I.E. THE ASSESSEE IS NOT THE LAND OWNER, HAS NOT COMPLETED T HE PROJECT IN THE STIPULATED TIME AND PROFIT ON SALE OF UNUTILIZED FS I, SUBJECT TO THE FINDING OF THE ASSESSING OFFICER THAT THE CONDITION S PRESCRIBED IN SHAKTI CORPORATION CASE ARE FULFILLED THIS YEAR TOO . 4. AT THE TIME OF HEARING, THE ONLY GRIEVANCE OF TH E REVENUE WAS THAT THIS DIRECTION OF THE LD. CIT(A) BE MODIFIED THAT AO SHO ULD ALSO TAKE INTO CONSIDERATION THE CONDITIONS AS PRESCRIBED IN THE C ASE OF M/S RADHE DEVELOPERS DECIDED BY HONBLE JURISDICTIONAL HIGH C OURT. FINDING THIS REQUEST TO BE REASONABLE AO IS DIRECTED TO DECIDE T HE ISSUE IN QUANTUM PROCEEDINGS OF DEDUCTION U/S. 80IB(10) BY TAKING IN TO CONSIDERATION THE CONDITIONS PRESCRIBED IN THE DECISIONS OF M/S SHAKT I CORPORTION AND M/S. RADHE DEVELOPERS. 5. IN THE RESULT, REVENUES APPEAL IS ALLOWED FOR S TATISTICAL PURPOSE. ORDER PRONOUNCED IN OPEN COURT ON THE DATE MENTIONE D HEREINABOVE AT CAPTION PAGE SD/- SD/- (ANIL CHATURVEDI) ( D.K. TYAGI) ACCOUNTANT MEMBER J UDICIAL MEMBER AHMEDABAD : DATED 28/02/2014 AK I.T.A NO.2542/AHD/2012 A.Y. 2009-10 PAGE NO ITO VS. M/S. KRISHNA DEVELOPERS. 3 / COPY OF ORDER FORWARDED TO:- 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER/ , / ,