Search Results For: Developer


Shri Umeya Corporation vs. ITO (ITAT Ahmedabad)

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DATE: July 7, 2015 (Date of pronouncement)
DATE: July 10, 2015 (Date of publication)
AY: 2006-07
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CITATION:
S. 80-IB(10): To be the "developer" of a housing project, the assessee has to undertake the entrepreneurship risk in execution of the project. He need not be the owner of the land. S. 40(a)(ia): The amendment is clarificatory and retrospective w.e.f. 01.04.2005

In order to answer the question as to whether the condition precedent for deduction under section 80IB has been satisfied inasmuch as whether or not the assessee is engaged in “developing and building housing projects”, all that is material is whether assessee is taking the entrepreneurship risk in execution of such project. When profits or losses, as a result of execution of project as such, belong predominantly to the assessee, the assessee is obviously taking the entrepreneurship risk qua the project and is, accordingly, eligible for deduction under section 80IB(10) in respect of the same. The assumption of such an entrepreneurship risk is not dependent on ownership of the land

ACIT vs. B. Rajamallu (ITAT Hyderabad)

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DATE: November 26, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 2008-09
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CITATION:
S. 2(47)/ 53A: Mere handing over possession pursuant to development agreement does not result in transfer if developer has not taken steps for development of property

The AO has assessed capital gain in the assessment year for the reason that assessee as per the terms of the development agreement entered with the developer has handed over possession of the property. However, as can be seen from

Kirloskar Brothers Limited vs. DCIT (ITAT Pune)

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DATE: September 17, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
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CITATION:
For s. 80-IA(4) a developer is a person who designs and creates new projects whereas a contractor is a person who has a contract to do work

Having regard to the scope of work executed by the assessee, it is difficult to comprehended that assessee was merely acting as a contractor. In common parlance, a contractor is understood as a person who carries out the assigned work

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