Dismissing the appeal of the Revenue the Court held that the assessee cannot be considered as a mere contractor simply for the reasons that the land was conveyed to SRA, since assessee has taken up the entire responsibility to construct the tenements along with infrastructural facilities and the building so constructed has been handed over to SRA. The court referred to the judgement of Hon’ble Gujarat High Court in CIT v. Radhe Developers(2012) 341 ITR 403 (Guj)(HC) where Gujarat High Court has rejected the argument of Revenue that in order to receive benefit under Section 80IB(10) of the Act requirement of ownership of the land must be read into the statute. Referred CIT v. Abode Builders (ITA No. 2020 of 2017 dt 16-2-2022) For the AY. 2006-07 revision order was quashed. (TXA No.945 of 2017 / TXA No.470 of 2017 dt. 3-3-2022) (AY 2006-07, 2007-08.)
PCIT v. Vishnu Enterprises (Bom.)(HC)(UR)
S. 80IB(10) : Housing projects-Developer-SRA project-Ownership of land is not requirement of the statute-Entitle to deduction-Revision was held to be not valid. [S. 263]