SASWAT INFRASTRUCTURE (P) LTD,BHUBANESWAR vs. DCIT, CIRCLE-2(2), BHUBANESWAR, BHUBANESWAR

ITA 26/CTK/2015Status: DisposedITAT Cuttack23 August 2017AY 2010-119 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that ownership of land is not necessary for claiming deduction under Section 80IB(10) if the assessee is the developer of the project. Consistency with previous assessment years where the deduction was allowed on similar facts was also considered.

What were the facts?

The assessee claimed deduction under Section 80IB for a housing project, but the Assessing Officer and CIT(A) disallowed it, stating the assessee was not the owner of the land. The assessee argued that ownership of land was not a prerequisite for claiming the deduction as a developer.

What were the issues?

Whether ownership of land is a mandatory condition for claiming deduction under Section 80IB(10) for a housing project developer. Whether consistency in allowing deductions in previous assessment years should be maintained.

Which sections of the Income-tax Act were involved?

Section 80IB,Section 40(a)(ia),Section 194C,Section 40A(3)

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, CUTTACK

Before: SHRI N.S SAINI

For Appellant: Shri D.K.Sheth, AR
For Respondent: Shri D.K.Pradhan , DR
Pronounced: 23/08

This is an appeal filed by the assessee against the order of CIT(A)-

Berhampur Camp: Bhubaneswar, dated 27.10.2014 for the assessment

year 2010-2011. 2. In Ground No.1 of the appeal, the grievance of the assessee is that the CIT(A) erred in confirming the order of the Assessing Officer

disallowing deduction u/s. 80IB of the Act for Rs.31,60,090/- on the ground that the assessee is not the owner of the land.

3.

The brief facts of the case are that the Assessing Officer observed

that the assessee has earned profit of Rs.31,60,090/- from business and has claimed the same as deduction u/s. 80IB, which has resulted in the claim of Nil income. The Assessing Officer observed that the assessee

does not own any land nor has developed any property

The order continues below.

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